CIB to contract with int'l firm to conduct comprehensive assessment of oversight posts, lending processes at bank

CAIRO - 16 December 2020: The Commercial International Bank (CIB)'s Audit Committee has acted to contract with an independent, international and professional corporation to conduct a comprehensive assessment of the various oversight posts at the bank, mainly those related to lending processes.

Th CIB told the Egyptian bourse on Wednesday that its management has outlined a correction plan based on the outcome of the limited review conducted by the Central Bank of Egypt (CBE) to ensure compliance with internal controls.

Contracting with an independent and international firm is aimed at addressing the remarks contained in the CBE's reports.

The CIB's net profit declined to LE 7.34 billion during the period from January to September, 2020, compared to LE 8.53 billion recorded during the correspondent period in 2019.

The bank's paid up capital currently hits LE 14.77 billion.