CIB share price is rebounding following two days of losses

The bank is working with auditors to address issues detected by a recent regulatory probe.

Egypt’s Commercial International Bank (CIB), the largest private bank in the country, has seen its shares rebounding following two days of losses.

CIB shares rose 0.4 percent yesterday after shedding a total of 9.4 percent over the course of Sunday and Monday.

Research houses have affirmed their confidence in the bank, with HSBC, Arqaam Capital and Arab African Bank all maintaining “buy” ratings according to Enterprise Press.

HSBC’s Aybek Islamov wrote in a research note that the bank believes that “the market has overreacted to the sudden news of the chairman’s departure” and “continues to view CIB as a financially sound bank.”