CIB named Egypt’s best bank in 2020 by Global Finance
Commercial International Bank (CIB), the country’s leading private sector bank, has been named Egypt’s best bank by Global Finance.
Under the slogan of “ Best banks in the Middle East in 2020”, Global Finance announced in its annual assessment report the selection of CIB based on its financial client-based performance.
“ Before coronavirus we released a plethora of digital products which proved critical in complying with coronavirus-induced social distance rules,” said chairperson and managing director of CIB Hisham Ezz El-Arab.
“ CIB’s online banking services allowed clients to fulfill their banking needs while staying at home. They include a smart phone application, smart wallets, phone banking services and a chat program.”
CIB is focusing during the crisis on Small and Medium-sized Enterprises, as it executed the Central Bank of Egypt’s guidance through placing six-month extensions for loan repayments and interest rates, he explained.
Additionally, CIB issued a 50% capital relief for SMEs defaulting on their loans at a cost of EGP10mln.
“In a world encountering the devastating economic toll of coronavirus, CIB is restructuring loans to the benefit of most affected industries and is catering to financing needs of our customers.”
CIB earnings jumped by 23% last year with its return on equity surging by 29.5%.
