Awards for excellence - Egypt
Commercial International Bank
Best equity house
Egypt has a clear leader in Commercial International Bank which retains its position as best bank. One analyst is unequivocal in his view on the country's banking sector: "Commercial International Bank is clearly better than the other Egyptian banks," he says.
The bank has a strong wholesale franchise, good management strategy, technology and a very good financial profile.
If there is a criticism it is that the bank concentrates heavily on Egypt's manufacturing sector. "On the financial side, it is a feature of the Egyptian market that liquidity is fairly tight from time to time," points out one analyst.
Growth in 2000 was not great but profitability remains good and the bank is consistently the country's best performer in this regard.
The bank's management has stated that it wants to build Egypt's first financial services conglomerate while still increasing its wholesale corporate and retail lending activities.
While Commercial International's position as market leader looks secure for the time being, it may face tougher competition in the future from National Société Générale Bank. With its link to SocGen its market profile is improving and it is honing its strategy.