Statement by CIB- Update

RNS Number : 7170U

Commercial Intnl Bank (Egypt) SAE

16 July 2018

 

Commercial International Bank - Egypt (CIB), Egypt's leading private-sector bank, issued the following statement as a follow-up to the Bank's press release dated 12 July 2018 regarding allegations of a single case of fraud:

CIB has completed a thorough internal investigation of the alleged incident. In the course of this investigation, we have determined that all the transactions in question by the client were found to be in accordance with internal regulations stipulated by our charters and standard operating procedures. All documents reviewed were found conforming to the directives and regulations of the Central Bank of Egypt.

Moreover, the results of our exhaustive investigation investigations showed that the issue in dispute does not involve the Bank or its staff, but rather is a dispute between a single client of CIB and a third party unrelated to the Bank.

The Client will be notified of the Bank's official response to his objections.

CIB will share the results of the investigation with the relevant regulatory bodies and will avail all the needed documents for the regulators to verify that the client's complaint is unfounded.

 

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