Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by the Commercial International Bank - Egypt (CIB) to increase its paid-up and issued capital by EGP 10 billion, which will be funded from the general reserves.

The disclosure form also includes the bank’s decision to raise its paid-up capital by EGP 122.71 million through the issuance of 12.27 million shares at a nominal value of EGP 10 per share, according to a bourse disclosure on Monday.

In 2020, CIB reported consolidated net profits of EGP 10.23 billion, down from EGP 11.8 billion in 2019, excluding minority shareholders’ rights.