CIB – Egypt Receives Regulatory Approval for Capital Increase and Comprehensive Legal Amendments
First Bank
The Securities Registration Committee declared its approval today, Wednesday, November 15, 2023, for the increase of the authorized capital of Commercial International Bank – Egypt from EGP50 bn to EGP100 bn.
The committee decided to approve amendments to the legal framework governing Commercial International Bank – Egypt by modifying the first article of the bank’s articles of association.
This includes adding the clause “Law No. 32 of 1977 and its amendments” to the first article of the bank’s articles of association, listed in the Egyptian Securities Registration – Stocks.
In its statement, the committee revealed approval for modifying the name of Commercial International Bank – Egypt.
The second article of the bank’s articles of association will be amended, changing the bank’s name post-adjustment to Commercial International Bank – Egypt (CIB), as listed in the Egyptian Securities Registration – Stocks.
Stock Exchange Committee in Egypt also agreed that the modification of the bank’s name, without changing the stock symbol (Ticker), would be effective in the Egyptian Stock Exchange database starting from the beginning of the trading session on Monday, November 20, 2023.
Additionally, the committee decided to approve the amendment of the purpose of Commercial International Bank – Egypt by modifying the third article of the bank’s articles of association.
This involves rephrasing and adding some activities to the bank’s main purpose by amending section (3) of the articles of association and items (a), (b), and (c) of the same section.
Furthermore, the committee announced its approval for modifying the headquarters and legal location of Commercial International Bank – Egypt by amending the fourth article of the bank’s articles of association.
This is in accordance with the provisions of Law No. 14 of 2012 regarding comprehensive development in the Sinai Peninsula region, as listed in the Egyptian Securities Registration – Stocks. The bank is required to obtain the necessary licenses for the activities outlined in section (3) of the articles of association after the modification, which necessitates obtaining prior approval.
