• CIB plans to invest USD 300M over three years to launch a standalone digital bank, pending Central Bank approval in Egypt.
• The New entity targets individuals, SMEs, and Egyptians abroad, aiming to reach 10 million customers within five years of launch.
• UAE-based holding company will own the platform and bank, supporting regional structure, technology investment, and future cross-border expansion plans.

CIB

Egypt’s Commercial International Bank (CIB) is accelerating its digital strategy with a major investment in a standalone digital bank.  The bank plans to deploy nearly USD 300 million over the next three years.

In an interview with Asharq Business, Mr. Rashwan Hammady, Chief Retail, Commercial Banking, and Financial Inclusion Executive at CIB, disclosed that the investment will supporttechnology infrastructure development and all licensing and setup requirements.

CIB has formally applied to the Central Bank of Egypt for approval to establish the new entity. The digital bank is expected to launch by the end of this year or early next year, pending regulatory clearance. The new institution will start with a capital base of USD 42.8 million (EGP 2B), meeting the Central Bank’s minimum requirement for full-service digital banking.

The platform will offer a full suite of services for individuals and micro, small, and medium-sized enterprises (MSMEs).

Digital Bank

CIB aims to attract 10 million customers within five years. The strategy focuses on convenience, lower operating costs, and fully remote onboarding. One of the bank’s key growth segments is Egyptians working abroad. The bank plans tailored products for remittances, savings, and cross-border financial needs based on internal market research. 

To support the structure, the bank applied to establish a UAE-based holding company. The entity will be registered in Abu Dhabi Global Market with an initial capital of around USD 160 million. Furthermore, preliminary discussions with the relevant UAE authorities have already taken place.

The holding company will own both the digital bank and its core technology platform. This signals its intention to build a scalable digital platform with regional flexibility.