Egypt’s CIB to issue 8 bln pounds in financial instruments
Commercial International Bank (CIB) logo

CAIRO: Commercial International Bank (CIB), Egypt’s largest listed company, said on Thursday its board had approved a plan to issue financial instruments worth up to 8 billion Egyptian pounds ($1.02 billion) to fund expansion.

The bank said in a statement that the plan would be presented to its general assembly. It did not specify what form the financial instruments would take but said they could be denominated in Egyptian pounds or a foreign currency.

It did not give specific details on its growth plan.

On Wednesday CIB announced a 26 percent jump in 2015 net profit to a record 4.7 billion Egyptian pounds.

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