The Commercial International Bank (CIB), Egypt's largest listed private bank, said Sunday that it does not currently hold any outstanding facilities with any of the four steel manufacturers that have seen their new factory licenses withdrawn by a recent court order. An Egyptian court ruled Thursday to withdraw the four new steel factory licenses granted in 2009 to Ezz Steel (two licenses), Beshay Steel and the Suez Steel Company. CIB distanced itself from the currently uncertain steel market as it added that it does not hold outstanding facilities for any steel manufacturer. The court also sentenced Ezz Steel former chairman, Ahmed Ezz, to 10 years in jail on graft charges and fined him, along with a former official, LE660 million ($110.9 million). CIB had reported an 11 per cent dip in second-quarter net profits as political and economic turmoil dented foreign exchange income, banking fees and the value of investment sales. In August, CIB announced an increase in its capital by LE33 million to be distributed to employees through its employee stock ownership plan.
