CIB is the first bank in Egypt, the Middle East and Africa to win this prestigious award
Commercial International Bank-Egypt (CIB), the largest and leading private sector bank in Egypt, announced that it was named the "World's Best Bank in the Emerging Markets" by Euromoney at the Global Awards for Excellence ceremony, held in London, on July 6.
In selecting CIB, Euromoney stated "Euromoney's global awards seek to recognise best-in-class performance. And while other banks can lay claim to having broader reach than our next winner, no bank in the emerging markets performed better than Egypt's Commercial International Bank - and often in a difficult environment."
"But that's nothing new to this well-run, forward-looking bank that delivered a return on equity of 34% in 2016 and is the first bank from the Middle East to win this global award. CIB is expanding at home and abroad, but we also recognise the long-term role the bank has played in managing the social impact of political upheavals in Egypt over the past decade."
In his speech, Chairman and Managing Director of CIB Hisham Ezz Al-Arab said, "This is a great moment for Egypt and for CIB. Egypt is a market of vast opportunities, and we are proud to be part of its continued economic recovery. We are equally proud to be part of the banking sector, whose consistent strength and stability have been an anchor for Egypt in a challenging environment."
"To be recognized for our performance on the international stage is a remarkable achievement, and I am extremely grateful to each and every one of our dedicated employees who have made this award possible," he added.
For almost 50 years, Euromoney has been the leading publication for covering the growth of international finance. Over the past 12 months its coverage has included interviews with close to 100 bank CEOs, ministers of finance and central bank governors around the world.
Euromoney's Awards for Excellence are the awards that matter to the banks and bankers who matter. They were established in 1992 and were the first of their kind in the global banking industry. This year Euromoney received almost 1,500 submissions from banks in an awards programme that covers 20 global awards, more than 50 regional awards, and best bank awards in close to 100 countries.
This prestigious international recognition is one of the most recent examples of CIB's outstanding performance and leadership. CIB-Egypt received in last May 2017 Euromoney's "Best Bank in the Middle East", becoming the first Egyptian bank ever to win this award category. The Bank was also granted two other awards from Euromoney in 2016. The first was the Award for Excellence for "Outstanding Contribution to Financial Services in the Middle East" to CIB's Chairman and Managing Director, in recognition of his distinguished achievements and eminent records, managing Egypt's leading private bank for more than 15 years and transforming it from a wholesale lender into the full-fledged financial institution it is today. CIB was also named during the same year the "Best Bank in Egypt", evidencing its leading position in the market, being the #1 Egyptian private bank, in terms of profitability, revenues, market capitalization and deposits market share.