Cairo – Mubasher: Commercial International Bank – Egypt has announced the opening of a representative office in the Ethiopian capital, Addis Ababa.
The new office will solidify relations with the Ethiopian banks and promote Egyptian exports, the bank said in bourse statement released on Thursday.
CIB Egypt reported a 27% year-on-year rise in profits for 2018, recording EGP 9.58 billion.
The Egypt-listed bank previously posted a 24% year-on-year increase in profits for the first nine months of 2018, registering a net profit of EGP 7.01 billion from EGP 5.67 billion.
