By Ahmed Allam

Cairo – Mubasher: Commercial International Bank (CIB) was cleared by shareholders, in an extraordinary general meeting held Monday, to issue nominal bonds and subordinated loans at a maximum value of EGP 8 billion (around $1 billion).

The EGM endorsed the procedures related to the planned issuance.

Shareholders also approved the employee incentive system. They nodded to raising the bank's issued capital within authorised capital.

CIB earlier reported AED 4.64 billion standalone net profit for 2015, down from AED 3.65 billion a year earlier.