Reference is made to our releases dated October 23, 2020 and October 27, 2020 relating to the outcome of the limited review conducted by the Central Bank of Egypt (the CBE) of Commercial International Bank (CIB). As previously announced, the Bank is carefully assessing all the findings resulting from such review in order to quantify, where appropriate at this stage, the impact of such findings on CIB in coordination with its external auditors. At this time, following a preliminary internal review, we do not expect the impact of the findings to have a material adverse effect on the current financial condition of CIB.
While our review has significantly progressed, additional time is still required to satisfactorily release the third-quarter 2020 financial statements and associated disclosures. CIB therefore announces that its Board of Directors in its November 14th 2020 meeting agreed that the publication of the third-quarter 2020 financials will be postponed until the Bank completes its review process, in coordination with its external auditors.
We expect to provide additional updates regarding these matters as we deem appropriate.