In line with its commitment toward its customers from the Small and Medium Enterprises (SMEs) and evidencing its continuous support to develop their businesses, CIB Business Banking organized a workshop about the "Corporate Governance" in partnership with the International Finance Corporation (IFC).
The workshop contributed to providing better tools and advice to guide the SMEs customers on different business aspects and efficiently manage their companies, in addition to giving the complete definition of Governance, being the system through which a company is guided and a sound regulatory system is imposed, in addition to the management of relationships among the three main parties; owners/stakeholders, Board of Directors members and the senior management.
The workshop was held over the course of two days at the Four Seasons Hotel in Giza, during which Mr. Ashraf Shenouda, IFC consultant and certified trainer, explained the importance of governance, its implementation methods and the obstacles that may face companies. Additionally, Dr. Yehia El-Husseiny, IFC corporate governance officer – Middle East & North Africa, tackled the governance in family businesses and its ways of management.
El-Husseiny said that IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. He clarified that the special governance program started in Egypt 10 years ago, during which the corporation worked with different entities, including regulatory and legislative and that the organization has now steps in the listing and delisting rules of the stock market that are crucial, mandatory for governance. These rules are applied as per a binding paper on all listed companies, while the banks have already applied governance to a great extent since 2007 and renew it almost on annual basis.
El-Husseiny praised CIB-Egypt and its governance implementation, confirming that it is one of the most successful banking institutions in this regard and a role model that is composed of an esteemed Board of Directors, respected independent members, professional committees, proficient regulatory system and an amazing internal audit system.
The governance workshop is the third special training organized by CIB Business Banking, two previous workshops were held for the Bank's SMEs customers in collaboration with the Frankfurt School of Finance and Management of Business and the European Bank for Reconstruction and Development (EBRD). The first one was about Action Business Plan For Companies and the second tackled the Crisis Management topic.
Since its official launch in 2012, CIB Business Banking focuses on growing the Small and Medium size enterprises, delivering exceptional services and enhancing its propositions to maximize the benefits offered by the bank for its customers across all segments, as well as offering integrated financial solutions and special tailored services to fulfill their business needs through the dedicated Relationship Managers.