Egypt’s CIB proposes raising $951mln for new expansion – ZAWYA

Egypt’s CIB proposes raising $951mln for new expansion – ZAWYA

The bank's consolidated net income rose 23% in 2019 to 11.8 billion pounds, it reported late on Monday.. The board authorised its chairman to call an extraordinary general assembly to approve the proposal, it said in a statement sent to the Egyptian stock exchange.. "Moving into 2020, we remain positive about the economic outlook and confident about CIB's ability to ride out market variations," it said in a statement accompanying its 2019 results.. The board also proposed increasing the bank's paid-in capital by 4.925 billion Egyptian pounds to 19.702 billion pounds by distributing one free share for every three existing, the statement said..