apply from here History
Commercial
International
Bank was established in 1975 as a joint venture between the National
Bank of Egypt (51%) and the Chase Manhattan
Bank (49%) under the name Chase National
Bank of Egypt. Following Chase decision to divest its equity stake in 1987 National
Bank of Egypt (NBE) increased its shareholding to 99.9% and the
Bank changed its name to Commercial
International
Bank (Egypt) S.A.E. NBE stake gradually decreased through several public offerings till it reached 18.7%. In 2006 a Consortium led by Ripplewood Holdings acquired the NBE stake. In July 2009 Actis a leading emerging markets private equity firm invested US$ 244 million to acquire shares in CIB. Hence Actis acquired 50% of the stake held by the Consortium led by Ripplewood Holdings. Five months later Ripplewood sold its remaining position of 4.7% in CIB through the open market. This move marked the successful transition of a strategic partnership to be with Actis who then became the largest shareholder in CIB with a 9.1% stake. In March 2014 Actis sold a portion of its holding in CIB representing 2.6% of the
Bank total outstanding shares in the open market to a group of international investors. Later in the year Actis has successfully realised its investment in Commercial
International
Bank (CIB )and has sold its remaining 6.5% to Subsidiaries wholly-owned by Fairfax Financial Holdings Ltd (Fairfax) in May 2014.