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- Saudi Awwal Bank launches a world class Innovation Centre to provide financial services
- Indian rupee firms up again - UAE, Saudi Arabia's NRIs delay money transfers
- Dubai's Tecom Group turns in another profit gain in Q1-2025
- BNY gets license for Saudi regional HQ as global banks grow presence
- Closing Bell: Saudi main index closes in red at 11,543
- TotalEnergies, OQEP break ground at Marsa LNG
- Riyadh Air enters key deals covering 125 countries
- 3 contracts signed for $1.6bn Marsa LNG Project in Sohar
- GIS reports net profit of QR222m in Q1, reflecting 38% year-on-year growth
- QAMCO posts record net profit of QR156m
05/02/2011 00:00 AST
Capital Intelligence (CI), the international credit rating agency, has today downgraded Commercial International Bank (CIB)'s Long-Term and Short Term Foreign Currency Ratings to 'BB+' and 'B', respectively, from 'BBB-' and 'A3'. The Outlook for these ratings is revised to 'Negative' from 'Stable'. The Support Rating is affirmed at 3. The Outlook for the Bank's 'A' Financial Strength Rating is also revised to 'Negative' from 'Stable'.
These actions follow the downgrade in Egypt's Sovereign Long-Term and Short-Term Foreign Currency Ratings to BB+ and B, respectively, from BBB- and A3. The Outlook for the Sovereign Ratings was changed to 'Negative' from 'Stable'.
According to CI's rating Methodology, the rating action on CIB's Foreign Currency Ratings captures the constraint imposed by the revised Sovereign Rating. Despite the weaker credit rating of the Sovereign, CIB's Support Rating of 3 is affirmed based on the expectation that as a systemically important bank it will continue to benefit from a high level of official support in case of need.
CIB's Financial Strength Rating will be subject to downward pressure due to the disruptive effects of political and social upheaval on the Bank's operations. It is also expected that the deterioration in the operating environment may affect the Bank's inherent financial condition, including its liquidity, asset quality and financial performance.
AME Info
15/02/2016
Egypt's largest listed lender Commercial International Bank accepted billionaire Naguib Sawiris's bid to buy its investment arm CI Capital, market sources said. The sources said the deal would sol
Trade Arabia
18/05/2015
Emerging and frontier markets investment bank Renaissance Capital (RenCap) believes Egypt's Commercial International Bank (CIB)is at the start of a significant, multi-year earnings growth cycle.
CPI Financial
21/08/2014
Capital Intelligence (CI) has announced that Commercial International Bank (CIB)'s Financial Strength Rating (FSR) is maintained at 'BBB-', notwithstanding ongoing economic pressures and the high sov
CPI Financial
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02/05/2025
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, announced the inauguration of its Innovation Centre on Thursday, May 1. The facility is designed to inspire and accele
Saudi Gazette
02/05/2025
Dubai's Tecom Group has come up with net profits of Dh360.8 million for the January to March 2025 period, and quite a healthy gain on the Dh292.5 million from the year ago status.
The compan
Gulfnews
02/05/2025
Gulf International Services reported a net profit of QR222m for the three-month period ended 31 March 2025, with an earnings per share of QR 0.119.
The Group reported strong revenue growth f
The Peninsula
02/05/2025
Qatar Aluminum Manufacturing Company (QAMCO), a 50% joint venture partner in Qatar Aluminum Company (Qatalum), reported a net profit of QR156m for the three-month period ended 31 March 2025, with an
The Peninsula
01/05/2025
Beyon announced its financial results for the first quarter of 2025.
Beyon reported net profit attributable to equity holders of BHD 18.1M (US$ 48.0M) for Q1 2025, a 4% decrease from BHD 18
BNA
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia