CIB approves Tier 2 capital loan of up to USD 300 mn

CIB board approves EGP 0.50 per share dividend, will seek USD 300 mn facility to augment tier two capital. The board of directors of leading commercial bank CIB has approved plans seek a facility of up to USD 300 mn to bolster its tier two capital, the bank said in a regulatory filing. The board also recommended a dividend payout of EGP 0.50 per share, Reuters reported. The news came less than a day after CIB reported FY2016 revenues of EGP 11.3 bn and net income of EGP 6.01 bn, up 11% and 27% from 2015, respectively.