Egypt’s Commercial International Bank plans capital hike

Commercial International Bank (CIB), one of Egypt’s largest private banks, is planning to hike its issued capital by around a third to 29.825 billion Egyptian pounds ($1.5 billion) from 19.852 billion pounds.

The bank said it submitted documents to the Egyptian stock Exchange (EGX) on Monday, an EGX bulletin read.

Under the plan, the CIB will issue 10 billion Egyptian pounds in new shares to shareholders, to raise its capital. It would issue 1 billion shares at 10 pounds apiece to be covered by the general reserves for the period ended 31 December 2021.