Cairo – Mubasher: The extraordinary general meeting (EGM) of the Commercial International Bank – Egypt (CIB) authorised the board of directors to issue financial instruments (nominal bonds or subordinated debt) to finance its expansion activities.

At a value of up to EGP 15 billion or its equivalent in foreign currencies, these bonds or subordinated debt will be issued in one or more tranches through a public or private offering in a local or international markets, the bank said in a bourse statement on Monday.

The bonds may be issued in denominations of one, 10, 100, and 100,000 bonds.

In addition, the bonds and subordinated debt will have a maturity from five to 10 years as determined by the board of directors. The rate of return, whether fixed or floating, will also be determined by the board for each issuance.

It is noteworthy that over the course of 2019, CIB Egypt posted net profits of EGP 11.8 billion, up from EGP 9.58 billion in 2018, including minority shareholders’ rights.