Commercial International Bank (CIB) – Egypt’s leading private sector bank – has been named Best Bank for SME Banking in Egypt and the Middle East at Euromoney’s 2022 Excellence Awards.
These prestigious accolades attest to CIB’s innovative and unique solutions for small and medium-sized enterprises (SMEs) that have significantly transformed the customer experience and cemented the bank’s position as the bank of choice for SMEs and market leader. Egyptian.
These awards are the latest in a long list of accolades CIB has received for its impressive financial performance and successful business model, which focuses on offering SMEs, businesses and individuals a wide range of products. and tailored and efficient banking services to meet their needs. Needs.
“The ability to build and execute a strategy that balances risk and reward is the biggest challenge facing SME banking in emerging markets,” said Rashwan Hammady, Acting CEO of Retail Banking. of IPC.
“Using advanced analytics for revenue management, granular customer segmentation, as well as proactive data-driven risk models has been the real differentiation of CIB’s SME business strategy. Another critical success factor is the culture we have across functions that fosters innovation while having clear responsibilities for each individual,” he added.
Through a network of 250 experienced relationship officers and a dedicated contact center for SMEs, CIB’s Business Banking division serves more than 70,000 SMEs with annual revenues of up to EGP 200 million. In 2021, the division posted operating profit of EGP 1.88 billion – up 20% year-on-year – with deposits up 41% to EGP 41.7 billion and assets up 93%. %.
In addition, CIB recently launched several products and programs designed for SMEs, including the Relationship-Based Lending Product, which helps lenders make financially sound decisions, and the Supply Chain Finance Program. which allows small businesses to easily access funds.
In addition, the bank’s Business Banking division launched the Women in Business program to meet the needs of women-led SMEs, the CIB growth segment for small businesses to access a set of financial services generally available only for large corporations, and the CIB Business Solutions Program which connects CIB’s SME clients with professional services firms to educate them on a range of non-financial services.
Sustainability being a core value at CIB, the division has set up the CIB Green Finance Facility. This product is part of the bank’s ongoing efforts to green its portfolio and is seen as a first step towards delivering a full value proposition to the bank’s customers.
The division has also formulated and implemented best-in-class risk management infrastructure, which relies on a robust, proactive and data-driven risk management framework to support the growth of SME assets.
Guided by this infrastructure, the Bank’s data analytics team created an early warning system that triggers an alert when a client is underperforming or threatening to become delinquent.
Additionally, CIB runs the SME Academy, an in-house college that educates account managers on the financial constraints and complexities of starting and running a small business. He also runs the SME Lending Master – a program that teaches over 200 branch managers how to engage with SMEs and understand their needs.