Commercial International Bank (CIB) issued a statement regarding a complaint it received from an individual retail client about an alleged discrepancy in their account statement and allegations of a case of fraud. According to the release, CIB has completed a thorough internal investigation of the alleged incident and has determined that all transactions in question by the client were correct and found no discrepancies. CIB also stated that the issue in dispute does not involve the bank or its staff but is rather a dispute between a single client of CIB and a third unrelated party to the bank. The bank added that all documents reviewed by its investigative team were found to be in accordance with internal regulations and conforming to the directives and regulations of the Central Bank of Egypt (CBE). CIB will share the results of the investigation with the relevant regulatory bodies and will make available all the needed documents for the regulators to verify that the client’s complaint is unfounded.
 
CIB: EGP83.31 as of 16 Jul. 2018, Rating: Buy, TP: EGP105.00/share, MCap: USD5,389mn, COMI EY/COMI.CA