Tariq Rushdie appointed as a member of the Board of Directors of the “International Commercial”

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Commercial International Bank Egypt revealed the appointment of Tarek Rushdy as an independent member of the bank’s board of directors.

Tariq Rushdie will be appointed as a member of the council, starting today, March 8, according to the approval of the Central Bank of Egypt.

Rushdie was a former Head of Internal Audit at the European Bank for Reconstruction and Development and the African Development Bank, as well as at the Italian International Bank in London and Bank of Nova Scotia among others.

The “Commercial International Bank of Egypt” called on its shareholders to attend the Ordinary General Assembly on March 30th, to consider the project of calculating dividends for the year 2020.

The General Assembly will also consider approving the separate and consolidated financial statements of last year and the report of the Board of Directors and the auditor on the bank’s activities in 2020.

The assembly will also consider approving the changes that took place in the formation of the board of directors during 2020 until the date of the assembly.

The board of directors of the “Commercial International Bank Egypt” approved an offer to increase the issued and paid-up capital by one billion shares, financed by the general reserve, by 10 billion pounds.

The distribution will be in the ratio of one share for every two shares, along with reparation of fractions to small shareholders, and the Board of Directors is authorized to amend Articles 6 and 7 of the Articles of Association to reflect the change in the issued and paid-up capital.

He also agreed to increase the issued and paid-up capital by 12.27 million shares, which represent the shares of the 12th year of the incentive and reward program for employees and managers of the bank through the promise to sell approved by the Financial Supervision Authority.

The Board of Directors was authorized to amend Articles 6 and 7 of the Articles of Association to reflect the aforementioned increase in the issued and paid-up capital.

The bank stated that the increase procedures will be carried out after the approval of the competent authorities to increase the issued and paid-up capital, which was approved by the General Assembly on March 15, 2020.

The Board authorized the Chairman of the Board of Directors to approve the disclosure report in order to proceed with the procedures for the capital increases.

The profits of “Commercial International Bank Egypt” decreased by 13.24% during the past year to reach 10.2 billion pounds, compared to a net profit of 11.8 billion pounds during the previous year 2019, taking into account the rights of the minority shareholders.

While interest income increased during the past year to reach about 25.17 billion pounds by the end of December 2020, compared to 21.57 billion pounds during 2019.

The profits of “Commercial International Bank Egypt” decreased by 14% during the first nine months of this year to reach 7.34 billion pounds, compared to a net profit of 8.53 billion pounds during the same period in 2019, taking into account the rights of the minority shareholders.

The bank’s net interest income increased during the first nine months of 2020 to reach 18.84 billion pounds, compared to total revenues of 15.44 billion pounds last year.

While the net income of the international commercial from fees and commissions declined during the nine months to reach 1.33 billion pounds by the end of September, compared to 1.68 billion pounds during the same period last year.

On a quarterly basis, the bank’s profits also declined during the third quarter of this year, to record 2.34 billion pounds during the period from July to last September, compared to 3.18 billion pounds during the same period last year.

The article The appointment of Tariq Rushdie as a member of the Board of Directors of “International Commercial” was written for Al-Borsa newspaper.