{"id":575748,"date":"2020-10-26T04:13:44","date_gmt":"2020-10-26T04:13:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/institutional-investors-research-houses-hold-the-line-on-cib\/"},"modified":"2020-10-26T04:13:44","modified_gmt":"2020-10-26T04:13:44","slug":"institutional-investors-research-houses-hold-the-line-on-cib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/institutional-investors-research-houses-hold-the-line-on-cib\/","title":{"rendered":"Institutional investors, research houses hold the line on CIB"},"content":{"rendered":"

<\/a> Institutional investors, research houses hold the line on CIB amid selling pressure from <\/strong>retail investors following Ezz Al Arab\u2019s resignation. <\/strong>Four research houses have affirmed their ratings on CIB after Hisham Ezz Al Arab stepped down on Friday<\/a> as chairman and managing director following a probe by the Central Bank of Egypt. Selling yesterday appeared largely confined to retail investors, a veteran market watcher suggests.<\/p>\n

CIB shares fell as much as 10% at the start of the session before recovering ground<\/strong>, closing the day down 6.9%. The bank\u2019s EGX-listed shares had been suspended<\/a> from trading by the Financial Regulatory Authority on Thursday. Trading of global depositary receipts on the London Stock Exchange had continued on both Thursday and Friday. From Wednesday\u2019s close of USD 4.23, the GDRs fell to USD 3.50 at the closing bell on Thursday and hit an intraday low of USD 1.77 on Friday before surging to end the week at USD 4.00 on unprecedentedly high volumes, according to LSE market data<\/a>.<\/p>\n

Four research houses have reaffirmed their ratings on CIB since a call on Friday night <\/strong>between CEO and Managing Director Hussein Abaza and more than 600 members of the investment community including fund and portfolio managers as well as research analysts. HSBC, Arqaam Capital and Arab African have all maintained \u201cbuy\u201d ratings while our friends at Pharos are equal weight on CIB. <\/strong><\/p>\n

HSBC believes that \u201cthe market has overreacted to the sudden news of the chairman\u2019s <\/strong>departure\u201d and \u201ccontinues to view CIB as a financially sound bank.\u201d<\/strong> The central bank audit will likely lead to higher compliance and internal control costs in the medium term, analyst Aybek Islamov wrote, leaving his target price for CIB unchanged at EGP 86 per share, implying more than 40% upside to yesterday\u2019s close.<\/p>\n

Pharos\u2019 Dalia Bonna advised clients yesterday that there was \u201cno need to panic\u201d <\/strong>and that Ezz Al Arab\u2019s departure was \u201cnot a disaster,\u201d while Prime Holdings Head of Research Amr Elalfy said in a note that investors \u201cshould not push the panic button indiscriminately<\/strong>.\u201d Prime\u2019s Shihab Helmy suggested that the impact on EGX-listed bank shares would likely be transient<\/a>.<\/p>\n

Shuaa Capital \u201cdoesn\u2019t expect this event to actually blow out of proportion,\u201d <\/strong>said analyst Aarthi Chandrasekaran in an interview with Bloomberg TV<\/a>, adding that \u201cinvestors, from now, will look forward to the complete audit report, which is still pending from the Central Bank of Egypt. But the way the news came out \u2014 the way it was handled the first two days \u2014 was a disappointment to the investor community.\u201d<\/p>\n

Other research heavyweights have yet to weigh in<\/strong>, including EFG Hermes, Goldman Sachs and JPMorgan, which a veteran market watcher suggested yesterday suggests that they don\u2019t believe they need to update their models or change their recommendations on the share in the wake of Ezz Al Arab\u2019s departure.<\/p>\n

Selling pressure yesterday appeared to come largely from retail investors<\/strong>, the market veteran told us, calling the trades \u201csmall blocks\u201d and suggesting that \u201cinstitutional investors are sanguine about what\u2019s happening \u2014 look for bargain hunters to enter the market on Monday. Sentiment on CIB is that it\u2019s a strong bank and investors know and trust [CEO Hussein] Abaza.\u201d Prime\u2019s Elalfy agrees, telling Bloomberg he sees CIB shares \u201cfinding support around EGP 60 driven by institutional buyers \u2018opting to get in at a 10% discount to [last] Wednesday\u2019s price<\/strong>.\u2019\u201d<\/p>\n

The drama at CIB was on nighttime talk show host Amr Adib\u2019s mind yesterday.<\/strong> The host of El Hekaya expressed dismay at how the story unfolded, particularly as domestic shareholders and foreign investors alike were left in the dark on the details of the regulatory probe that led to Chairman Hisham Ezz Al Arab\u2019s resignation (watch, runtime: 6:39<\/a>). Nonetheless, Adib stressed that he isn\u2019t losing a wink of sleep over the bank\u2019s future, pointing to the institution\u2019s strong fundamentals and investor confidence in the bank\u2019s track record (watch, runtime: 1:47<\/a>). Blom Bank Managing Director Mohamed Fathallah said much of the same, telling Adib that the bank\u2019s shares would have fared worse on the EGX yesterday if it weren\u2019t for its fundamentals (watch, runtime: 2:49<\/a>).<\/p>\n

Background: <\/strong>Hisham Ezz Al Arab stepped down last week after the central bank said it found \u201cgross violations\u201d of banking regulations during an audit of the bank. Ezz Al Arab has been succeeded by former regulator, consultant and entrepreneur Sherif Samy as the bank\u2019s non-executive chairman, while Abaza becomes both CEO and managing director. The CBE has long sought to convince banks to separate the officers of chairman and managing director, saying best practice is to have non-executive chairs responsible for governance and oversight while managing directors run and build banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

Institutional investors, research houses hold the line on CIB amid selling pressure from retail investors following Ezz Al Arab\u2019s resignation. Four research houses have affirmed their ratings on CIB after Hisham Ezz Al Arab stepped down on Friday as chairman and managing director following a probe by the Central Bank of Egypt. Selling yesterday appeared […]<\/p>\n","protected":false},"author":1,"featured_media":575749,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[204,102,240,68,72,2307,490,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-capital-markets","tag-cib","tag-egx","tag-enterpriseam","tag-hisham-ezz-al-arab","tag-hsbc","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"914f2cea-e3ff-4c6f-8b31-828a56e8210c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/266.jpg","photo_position":"above","related_issue":[575743],"teaser":"","voice_url":""},"yoast_head":"\nInstitutional investors, research houses hold the line on CIB - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/institutional-investors-research-houses-hold-the-line-on-cib\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Institutional investors, research houses hold the line on CIB\" \/>\n<meta property=\"og:description\" content=\"Institutional investors, research houses hold the line on CIB amid selling pressure from retail investors following Ezz Al Arab\u2019s resignation. 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Representatives of the country\u2019s leading private sector bank sat down with Central Bank of Egypt (CBE) officials on Monday to look into the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/293.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577451,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/23\/hisham-ezz-al-arab-is-back-on-the-board-at-cib\/","url_meta":{"origin":575748,"position":1},"title":"Hisham Ezz Al Arab is back on the board at CIB","author":"enterpriseam admin","date":"23 November 2022","format":false,"excerpt":"Our friend Hisham Ezz Al Arab is back home: CIB\u2019s former chairman and managing director Hisham Ezz Al Arab (LinkedIn) is back on the bank\u2019s board of directors after being appointed a non-executive director with the Central Bank of Egypt\u2019s blessing, the bank said in a statement yesterday. Ezz Al\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583858,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/21\/hisham-ezz-al-arab-reappointed-cib-chairman-for-new-3-year-term\/","url_meta":{"origin":575748,"position":2},"title":"Hisham Ezz Al Arab reappointed CIB chairman for new 3-year term","author":"enterpriseam admin","date":"21 March 2023","format":false,"excerpt":"Ezz Al Arab\u2019s term will end in March 2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Ezz-El-Arab-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575709,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator\/","url_meta":{"origin":575748,"position":3},"title":"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of probe by regulator","author":"enterpriseam admin","date":"25 October 2020","format":false,"excerpt":"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of regulatory probe. Long-time CIB Chairman and Managing Director Hisham Ezz Al Arab resigned on Friday after the Central Bank of Egypt (CBE) said an audit found \u201cregulatory, compliance and governance\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/254.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630126,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/hisham-ezz-al-arab-speaks-on-fintech-the-economy\/","url_meta":{"origin":575748,"position":4},"title":"Hisham Ezz Al Arab speaks on Fintech, the economy","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"Bringing about financial inclusion will rest on the successful deployment of fintech, our friend CIB Chairman Hisham Ezz Al Arab reaffirmed. \u201cWe believe that the integration of current technology is the key to reach the young, unbanked population who comprise the vast majority of the gray economy,\u201d he tells Global\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571683,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/cib-to-push-ahead-with-expansion-plans-hisham-ezz-el-arab\/","url_meta":{"origin":575748,"position":5},"title":"CIB to push ahead with expansion plans -Hisham Ezz El Arab","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"With ample liquidity, Egypt\u2019s leading private-sector bank looks to push ahead with expansion plans: CIB is committed to pushing ahead with its expansion strategy once it finalizes its recent acquisition of a 51% stake in Kenya\u2019s Mayfair Bank, Chairman Hisham Ezz El Arab told Bloomberg TV (watch, runtime: 8:08). 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