Commercial International Bank signs with Bolero
June 2013, London and Cairo
Bolero has announced that Commercial International Bank (CIB), the leading private sector bank in Egypt, is the latest bank to join the Bolero trade and trade finance network. CIB is already preparing to go live to support a major global corporate customer in their multi-bank guarantee management initiative.
“We are pleased to have made the decision to use Bolero to support the application for guarantees”, said Mr. Mohamed Farag, Head of Global Transaction Services Group at CIB. “This is a clear demonstration of CIB’s focus on providing value for our customers and evidence of our interest in properly understanding the needs of the corporate market”.
Bolero provides comprehensive Trade Finance applications delivered from the cloud enabling speedy adoption, zero infrastructure cost and intuitive use. Underpinning these applications is the unique Bolero Exchange platform which enables data transformation and ensures security, legal certainty, non-repudiation and document originality. The large network of banks already connected to the Bolero Exchange gives Bolero’s corporate users a significant advantage in speed of deployment as well as mitigating against the risk of on-boarding banks for the first time.
“CIB is an important addition to the Bolero community due to their strong regional presence.” said Arthur Vonchek, CEO of Bolero. “The proven nature of Bolero’s trade finance solution and its cloud based delivery will enable CIB to meet its objectives of fast implementation to support its identified corporate customer”.
Bolero is a cloud-based platform which provides a different way to implement multi-bank trade finance solutions.
Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.
Because trade finance involves collaboration between multiple parties, all Bolero Applications are built on the Bolero Exchange, a collaborative platform which supports all trade flows between all parties and across all locations. Each Bolero member only needs to connect once and then has common access to all other community members whilst remaining completely insulated from a trade partner’s specific technology and business process.
Bolero is more than a technology solution – it is a community of corporates, banks, insurers and logistics service providers operating in more than 30 countries and managing more than 400,000 trade transactions per month.
About Commercial International Bank (CIB):
Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt”. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt (NBE) increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. NBE’s stake gradually decreased through several public offerings till it reached 18.7%. In 2006, a Consortium led by Ripplewood Holdings acquired the NBE stake. In July 2009, Actis a leading emerging markets private equity firm, invested US$ 244 million to acquire shares in CIB. Hence, Actis acquired 50% of the stake held by the Consortium led by Ripplewood Holdings. Five months later, Ripplewood sold its remaining position of 4.7% in CIB through the open market. This move marks the successful transition of strategic partnership to be with Actis, who became the largest shareholder in CIB with a 9.1% stake. Having the strongest brand equity rightfully places CIB as the bank of choice for over 500 of Egypt’s largest corporations. Moreover, CIB shows tremendous upside potential within the bourgeoning Retail and SME Banking markets.
CIB has been consistently awarded for its broad range of products and services on numerous occasions by international publications. So Far into 2013, CIB has been named "Best Bank in Egypt” by Global Finance for the 17th year in addition to “Best Sub-Custodian bank in Egypt” for the 5th consecutive year as well as “Best Foreign Exchange Provider bank in Egypt” and “Best Trade finance Bank in Egypt”. CIB was awarded The Best Bank Award by Euromoney Excellence Award 2013, as well as Deal of the year by The Banker. Emeafinance also, granted CIB “Best Local Bank” for the 5th consecutive year in 2012, “Best Asset Manager in Egypt” for the 2nd consecutive year. CIB has been awarded "Best Asset Manager in Egypt” and “Best FX Provider in The Middle East” by Global Investors 2012. “Best Project Finance Deal in Africa”, “Best Natural Resources Deal in Africa”, and “Best Securitisation Deal in EMEA”. Moreover, CIB has received many accolades throughout 2012 and 2011. Such awards include “Deal of the Year’ and ‘Bank of the Year’ for the 3rd time from The Banker magazine. Also, Global Trade Review has named CIB as “Best Trade Finance bank in Egypt”.
Through superior management, high operating standards, corporate governance best practices and premier training programs, CIB continues to be the most profitable commercial bank in Egypt. As of March 2013, CIB gross loan book reached EGP 46 billion, while customer deposits marked EGP 86 billion, with a paid-in capital of EGP 6 billion. The Bank has the largest market capitalization in the Egyptian Banking sector, amounting to over EGP 18 billion as of April 2013, and operates a wide distribution network of 158 outlets and more than 500 ATMs.
With a full-fledged suite of products and services, along with its investment arm “CI Capital”, CIB manages to meet its clients’ financial needs with integrity and expertise.
For more information, please contact:
Tel: +2 02 27903606
Call Center +2 19666
Bite Communications – for Bolero
Tel: + 44 (0) 20 8741 1123