Statement re. Press Comment

Commercial Intnl Bank (Egypt) SAE
15 January 2007


                                                              January 14th' 2007


                                  Press Release

CIB announces that, as part of the internal review of operations in one of our
branches outside Cairo, misconducts by two senior employees were detected
leading to downgrades of our exposures with a number of retail credit clients.

In light of the bank's prudent provisioning policy, this event has been fully
covered from our existing general provisions and accordingly will not have any
meaningful impact on the bank's full year projections. From past experience,
management is confident that it can achieve a decent amount of recoveries.

This announcement comes in line with CIB's long standing history of outstanding
governance standards and continuance strife to abide by the highest transparency
values.


                               Investor Relations
                  Commercial International Bank (CIB) - Egypt


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