Egypt's CIB says it uncovered misconduct by staff

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CAIRO: Egypt s Commercial International Bank (CIB) said on Sunday it had detected misconduct by two senior employees, but that any financial consequences were fully covered by existing provisions.

The bank said in a brief statement the misconduct was uncovered during an internal review of one of its branches outside Cairo.

CIB, one of Egypt s top private sector banks, declined to give details, but said the incident had led 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, the statement said.

From past experience, management is confident that it can achieve a decent amount of recoveries, it added.

A CIB official said the bank would issue a more detailed statement shortly. Shares in CIB were 3 percent lower at LE 54.30 ($9.52) per share by 1220 GMT.

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By Reuters
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