CIB’s Extraordinary General Assembly approves issuance of financial instruments worth $1bn

The Extraordinary General Assembly of the Commercial International Bank (CIB) has authorized the issuance of financial instruments totaling $1bn or its equivalent in local or foreign currencies. These instruments may include bonds, backstop loans, backstop deposits, or mixed financial instruments.

In a statement to the Egyptian Exchange, CIB clarified that the terms of the issuance may encompass necessary provisions to incorporate these financial instruments into the bank’s general capital or the supporting capital (the second tranche) as required.

The Board of Directors is empowered to determine the issuance date and other related conditions. Additionally, the Board can modify these conditions in accordance with regulatory and administrative requirements, as well as the bank’s needs.

Furthermore, the Board is authorized to execute all necessary procedures and steps related to the issuance over the next three years, following the decision of the Extraordinary General Assembly. This authorization aligns with the provisions of Law 159 of 1981 for joint-stock companies, limited partnerships by shares, limited liability companies, and one-person companies, as well as the provisions of Capital Market Law No. 95 of 1992 and its executive regulations.

The primary objective of this issuance is to bolster the bank’s capital base, enabling it to finance future expansion, investment activities, and risk-weighted assets, as determined by the Board of Directors.