Commercial International Bank – R atings A ffirmed with a Stable Outlook

Ref : EG011 2 2 CRA00-01 2 6 October 202 3

Commercial International Bank – R atings A ffirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating ( ST FCR) of Commercial International Bank (CIB) at ‘B’ and ‘B’, respectively. At the same time, CI Ratings has affirmed the Bank’s BSR of ‘b’, CFS rating of ‘bb+’, and ESL of Moderate. The Outlook for the ratings remains Stable. Both the BSR and LT FCR are constrained by Egypt’s sovereign LT FCR of ‘B’.

CIB is the largest listed Egyptian entity and private sector bank, with strong retail and corporate franchises and a diversified shareholder base which includes many international investors. Key credit strengths include a strong management team with a good track record of being able to successfully manage the…