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CIB announces results of its investigation in alleged case of fraud

CIB announces results of its investigation in alleged case of fraud

ArabFinance: Commerical International Bank- Egypt (CIB) (COMI), Egypt's leading private-sector bank, issued today the following statement as a follow-up to the Bank's press release dated 12 July 2018 regarding allegations of a single case of fraud.

CIB has completed a thorough internal investigation of the alleged incident. In the course of this investigation, we have determined that all the transactions in questing by the client were correct and no discrepancies were found and that the issue in dispute does not involve the Bank or its staff, but rather is a dispute between a single client of CIB and third party unrelated to the Bank. 

Our investigation and review of all documentation and transactions on the personal account in questing was meticulous. All documentation reviewed by our investigative team were found to be in accordance with internal regulations stipulated by our charters and standard operation procedures. All documents review were found conforming to the directives and regulations of the Central Bank of Egypt. 

The Client will be notified of the Bank's official response to his objections. 

Moreover, CIB will share the results of our exhaustive investigation with the relevant regulatory bodies and will avail all the needed documents for the regulators to verify that the client's complaint is unfounded. 

The Bank retains full rights to pursue legal action to defend any and all defamation of the Bank's reputation made by any and all individuals of entities. 

For more than decades, CIB has been A Bank to Trust, We cherish our client's faith in our ability to help them meet their financial goals and work every day to safeguard their best interests. Serving them to the highest possible standard is fundamental to what we are as an institution and who we are as people. 

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