CIB is the first bank in Egypt and the Middle East to win this prestigious award
Commercial International Bank-Egypt (CIB), the country’s leading private sector bank, has been named the World’s Best Emerging Markets Bank 2018 by Global Finance. The award represents the second consecutive year in which CIB has been recognized internationally after having been named World’s Best Bank in Emerging Markets by Euromoney in 2017.
Global Finance announced this year’s winners during a special ceremony held in Indonesia, where annual joint meetings were being held by the IMF and the World Bank. In its annual survey, Global Finance stated that they had selected CIB based on its financial performance, reputational position and managerial excellence. Selections were made after extensive discussions with corporate financial executives, analysts, and bankers throughout the world.
“Winning recognition as the top bank in global emerging markets for the second year in a row is a clear testament to the exceptional caliber of professionals within the Egyptian banking community. It proves that Egyptian institutions can compete on a global scale,” said CIB Chairman and Managing Director Hisham Ezz Al-Arab. He added that, “Our staff’s dedication and relentless effort have enabled us to implement the highest global standards to support our clients’ growth strategies across various industries which in turn contribute to Egypt’s economic development. Our staff has been successful in creating value for all of our stakeholders by leveraging our adaptability, harnessing the power of technology, and perpetuating an environment of innovation throughout the Bank.”
Over the last several years, CIB’s strategy has focused on supporting its clients in navigating market fluctuations in Egypt on the back of rapid inflation, higher interest rates, and the float of the local currency. Additionally, CIB is leading the digital banking transformation in Egypt through technological innovations in order to drive financial inclusion in Egypt, further strengthen the standing of the Egyptian banking sector, and deliver exceptional customer service. These efforts are reflected in its consistent, solid performance.
“Our awards identify those that can straddle the line between innovation and stability to deliver top-quality financial service to clients facing rapid transformation themselves,” said Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance. “CIB is Egypt’s largest private sector bank in the Egyptian economy and has made it its purpose to promote Egypt’s economic development, having financed several major government projects last year, including two syndications to finance the upgrade of Egypt’s national electricity grid.”
Last year, CIB became the first regional institution to be awarded World’s Best Bank in Emerging Markets Bank by Euromoney. In addition, EMEA Finance awarded CIB Best Cash Management Services in North Africa, Best FX Services in North Africa, Best Local Bank in Egypt, and Most Innovative Bank – Pan Africa.
For more information about CIB Awards, click here
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