Commercial International Bank-Egypt (CIB) has been named the World’s Best Emerging Markets Bank 2018 by Global Finance. The international award comes one year after Egypt’s leading private sector bank was awarded the same title by Euromoney.
Global Finance announced this year’s winners during a special ceremony held in Indonesia, where annual joint meetings were being held by the IMF and the World Bank. In their selection of winners, Global Finance Publisher and Editorial Director Joseph D. Giarraputo stated, “Our awards identify those that can straddle the line between innovation and stability to deliver top-quality financial service to clients facing rapid transformation themselves.”
According to Global Finance, CIB was selected based on its financial performance, reputational position and managerial excellence. “CIB has invested aggressively in technology and is keenly focused on the customer experience, automating processes and using data analytics to align products with key value segments,” added D. Giarraputo.
“Payments using CIB Smart Wallet, which is available to both the banked and unbanked segments, grew by 184% alone last year. CIB also serves thousands of business customers, with loans, cash management, trade finance and electronic solutions to help them grow and manage their businesses efficiently,” said Giarraputo.
Last year, CIB became the first regional institution to be awarded World’s Best Bank in Emerging Markets Bank by Euromoney. In addition, EMEA Finance awarded CIB Best Cash Management Services in North Africa, Best FX Services in North Africa, Best Local Bank in Egypt, and Most Innovative Bank – Pan Africa.
“Winning recognition as the top bank in global emerging markets for the second year in a row is a clear testament to the exceptional caliber of professionals within the Egyptian banking community. It proves that Egyptian institutions can compete on a global scale,” said CIB Chairman and Managing Director Hisham Ezz Al-Arab.
He added that, “Our staff’s dedication and relentless effort have enabled us to implement the highest global standards to support our clients’ growth strategies across various industries which in turn contribute to Egypt’s economic development. Our staff has been successful in creating value for all of our stakeholders by leveraging our adaptability, harnessing the power of technology, and perpetuating an environment of innovation throughout the Bank.”
Over the last several years, CIB’s strategy has focused on supporting its clients in navigating market fluctuations in Egypt on the back of rapid inflation, higher interest rates, and the float of the local currency.
Digital banking transformation in Egypt
Additionally, CIB is leading the digital banking transformation in Egypt through technological innovations, in order to drive financial inclusion in Egypt, further strengthen the standing of the Egyptian banking sector, and deliver outstanding customer service.
CIB has launched numerous market-moving products in recent years, including online accounts, contactless cards, and CIB’s Smart Wallet.