CIB to open 25 new branches in 2016

Egyptian Commercial International Bank (CIB) targets inaugurating 25 new branches; including five mini branches, within 2016, Mohamed El Toukhy -head of retail and business banking- said Tuesday.

At the end of 2015, CIB -the biggest commercial bank in Egypt- is set to have 190 branches all over Egypt through finishing opening 25 new branches, El Toukhy said.

He added  that CIB has seized lion’s share of credit card in Egypt’s banking market after acquiring Citibank’s retail portfolio

The credit card portfolio of CIB is estimated at 2 billion Egyptian pounds (US$255.4 million), the official clarified.

Speaking to Amwal Al Ghad, El Toukhy stated that individual finance portfolio jumped to 14 billion pounds (US$1.8 billion) at the end of November 2015 after capturing Citibank’s retail banking and card businesses portfolio.

In June 2015, CIB has signed the final agreement to acquire Citibank Egypt’s retail portfolio.

The value of the deal amounts to US$140m in assets and US$190m in deposits, and nearly 100,000 accounts.