The Commercial International Bank (CIB) Egypt — listed on the Egyptian Exchange — held its Ordinary General Assembly today, where shareholders approved a number of key resolutions, most notably the ratification of recent changes to the composition of its Board of Directors and a capital increase aimed at strengthening the bank’s financial position.
New Board of Directors Formation Ratified
During the meeting, the shareholders gave formal approval to the changes in the Board of Directors since the last general assembly held on March 23, 2025. The updated Board, now officially endorsed, includes a mix of banking veterans, investment professionals, and experienced independent members from both local and international backgrounds.
Newly Appointed Chairwoman: Neveen Ali F. Sabbour
The bank announced that Neveen Sabbour has been appointed as Independent Non-Executive Chairwoman of the Board. Sabbour brings over 35 years of banking and investment experience, having held leadership roles in mergers and acquisitions, banking transformation, and institutional advisory. She currently serves as Chairwoman and CEO of Panther Associates, a boutique investment and asset management firm. Sabbour also sits on several boards, including Heliopolis Company for Housing & Development (HHD), and plays an active role in financial inclusion initiatives targeting women in Egypt.
Current Board Composition
The full board, as approved by shareholders, is now composed of:
- Neveen Ali F. Sabbour – Independent Non-Executive Chairwoman
- Hisham Amin Ezz Al-Arab – CEO and Executive Board Member
- Sherif Samy – Independent Non-Executive Member (Expert)
- Fadel Abdel Baki Aboul Hassan – Non-Executive Member, representing Alpha Oryx Ltd.
- Aziz Moulji – Non-Executive Member, representing Alpha Oryx Ltd.
- Hoda Ahmed Al-Asqalani – Independent Non-Executive Member (Expert)
- Javed Ahmed Mirza – Non-Executive Member (Expert)
- Burkhard Amadeus Ekkees – Independent Non-Executive Member (Expert)
- Georgios Anagnostopoulos – Independent Non-Executive Member (Expert)
- Amr Youssef El-Ganainy – Deputy CEO and Executive Board Member
- Islam Osama Zakaria – Executive Board Member
Capital Increase of EGP 3.07 Billion Approved
In a move to reinforce its capital base, the general assembly also approved a capital increase through the partial use of the bank’s general reserves based on the financial statements as of March 31, 2025.
The issued and paid-up capital will be raised from EGP 30.708 billion to EGP 33.779 billion, an increase of EGP 3.07 billion, through the issuance of 307.008 million bonus shares at a par value of EGP 10 per share. These bonus shares will be distributed to existing shareholders at a ratio of 1 bonus share for every 10 shares held, with fractional shares rounded in favor of minority shareholders.
The General Assembly authorized CEO Hisham Ezz Al-Arab to proceed with all procedures necessary to complete the capital increase, including securing regulatory approvals and delegating authority where needed, in accordance with the Egyptian Financial Regulatory Authority (FRA) and EGX regulations.
Amendments to the Bank’s Charter
In alignment with the capital increase, shareholders also approved amendments to Articles 6 and 7 of the bank’s bylaws to reflect the updated capital structure. The bank’s legal representatives — Mahmoud Abbas Mohamed Ahmed, Head of Legal Affairs, or in his absence, Aboul Hassan Amer Ahmed, Head of Litigation and Enforcement — were authorized to complete all required administrative and regulatory filings, including the signing of the amended charter before the relevant real estate registry.
This latest round of approvals marks a significant milestone for CIB as it continues to enhance its governance framework, expand its capital base, and reinforce its position as one of Egypt’s leading financial institutions.
About CIB Egypt:
Commercial International Bank (CIB) is Egypt’s largest private-sector bank, offering a wide range of financial products and services to individuals, enterprises, and institutions. With a strong focus on innovation, digital banking, and sustainable growth, CIB has received numerous accolades for its performance and commitment to excellence in financial services.
