Egypt’s Commercial International Bank (CIB) is advancing its digital transformation strategy with a significant plan to invest nearly USD 300 million over the next three years to launch a new, standalone digital bank. The initiative, which is currently pending approval from the Central Bank of Egypt, marks a major push into the nation’s burgeoning digital finance sector.
Strategic Investment and Regulatory Path
The substantial investment will be allocated towards developing the necessary technology infrastructure and covering all licensing and setup requirements for the new entity. CIB has formally submitted its application to the Central Bank of Egypt for the required approvals.
In an interview with Asharq Business, Rashwan Hammady, Chief Retail, Commercial Banking, and Financial Inclusion Executive at CIB, confirmed the investment details. The new digital bank is anticipated to launch by the end of this year or early 2025, contingent on regulatory clearance. It will be established with an initial capital base of EGP 2 billion (approximately USD 42.8 million), meeting the Central Bank’s minimum capital requirement for a full-service digital banking license.
Ambitious Growth and Target Segments
CIB has set an ambitious goal of acquiring 10 million customers within the first five years of the digital bank’s operation. The strategy is centered on providing enhanced convenience through fully remote onboarding and leveraging a lower operating cost structure to offer competitive services.
The platform will provide a comprehensive suite of banking services tailored for individuals as well as micro, small, and medium-sized enterprises (MSMEs). A key target demographic identified through internal research is the large population of Egyptians working abroad. The bank plans to develop specialized products catering to their needs for remittances, savings, and other cross-border financial services.
Regional Structure via UAE Holding Company
To facilitate a scalable regional structure and future cross-border expansion, CIB has also applied to establish a holding company based in the United Arab Emirates. This entity will be registered in the Abu Dhabi Global Market with an initial capital of around USD 160 million.
The UAE-based holding company will own both the digital bank in Egypt and its core technology platform. This strategic move signals CIB’s long-term vision of building a flexible and scalable digital platform with the potential for a wider regional footprint.
About Commercial International Bank (CIB)
Commercial International Bank (CIB) is a leading private-sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households, and high-net-worth individuals. Established in 1975, CIB has grown to become one of the country’s most prominent financial institutions, known for its strong corporate governance and commitment to innovation.
Source: Waya
