CIB Egypt to discuss board changes and capital increase

CAIRO - Commercial International Bank (Egypt) SAE has scheduled its Ordinary General Assembly for March 23, 2025, where it will discuss several key agenda items including the approval of the fiscal year 2024 reports, proposed capital increase, and changes to the board composition.

The General Assembly will review the Board of Directors’ and Governance reports for the fiscal year ended December 31, 2024, alongside the External Auditors’ Reports. The separate and consolidated financial statements for 2024 will also be presented for discussion and ratification.

One of the significant items on the agenda is the proposed appropriation account for the fiscal year 2024, which includes a net profit available for distribution amounting to EGP 50,260,833 in thousands. The distribution plan suggests allocations to legal and general reserves, dividends to shareholders, staff profit share, Board of Directors’ bonus, contributions to the CIB Foundation, the Banking Sector Fund, and retained earnings.

Another focal point of the meeting will be the approval of an increase in issued and paid-in capital by 27,693,000 common shares at a nominal value of EGP 10 per share to fulfill the "Year 16" Employee Stock Ownership Plan (ESOP) obligations. This increase, subject to the Central Bank of Egypt’s approval, would raise the bank’s capital by EGP 276,930,000 and necessitate amendments to Articles 6 and 7 of the Bank’s Statute.

The General Assembly will also address board changes since the last meeting on March 25, 2024, including the resignation of two members and the appointment of new executives. The board’s composition changes include the transition of Mr. Hisham Mohamed Amin Ezz Al-Arab from Non-Executive Chairman to CEO, and Mrs. Neveen Aly Fayek Sabbour’s election as Independent (LON:IOG) Chair of the Board.

Additionally, the General Assembly will consider discharging the Board of Directors for the fiscal year 2024 and will propose remuneration for Non-Executive Directors for the fiscal year 2025. The appointment of the Bank’s external auditors for the fiscal year 2025 and the approval of their fees will also be on the agenda.

Lastly, the General Assembly will deliberate authorizing the Board of Directors to approve donations in 2025 and to allow Directors to assume executive roles in other companies.

This news is based on a press release statement issued by Commercial International Bank (Egypt) SAE.

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