CAIRO: Egypt s Commercial International Bank (CIB) said on Sunday it had detected misconduct by two senior employees, but that any financial consequences were fully covered by existing provisions.
The bank said in a brief statement the misconduct was uncovered during an internal review of one of its branches outside Cairo.
CIB, one of Egypt s top private sector banks, declined to give details, but said the incident had led to downgrades of our exposures with a number of retail credit clients .
In light of the bank s prudent provisioning policy, this event has been fully covered from our existing general provisions and accordingly will not have any meaningful impact on the bank s full year projections, the statement said.
From past experience, management is confident that it can achieve a decent amount of recoveries, it added.
A CIB official said the bank would issue a more detailed statement shortly. Shares in CIB were 3 percent lower at LE 54.30 ($9.52) per share by 1220 GMT.
