Commercial International Bank

Their first-half profits hit £8.9 billion.

Their margins held strong despite rate cuts, and it's led by ex-CIB chief Hussein Abaza, who's a familiar face to foreign funds.

But banking analyst Hani Abulfatour explained to us the bank's book stands a better chance once M&T Halon has refunded its unallocated cash.

Because fund managers treat the two listings as competing for a single Egypt allocation.

Mounir built this in seventeen years, and today he's taking the Egyptian part of this business public on the EGX.

CIB, Egypt's largest private sector bank, said earlier this week that it was gonna take a two billion Egyptian pound cornerstone position in that IPO.

MNT is putting twenty percent of its Egypt unit up for grabs, and the IPO should close later this month.

It's on track to be the biggest in Egypt since 2021 and could make it into the top ten of all time.

It's all Egypt political risk, Egypt macro.

"Talk to me about the country.

When will I come back to the country?" No one asked about CIB when he was at CIB.

You know, it was always, "Give me the story of Egypt because, you know, I'm curious about Egypt, but I'm not putting money in today." You're meeting with people who you say are interested in Egypt.

Two anchors are already in.

Yesterday, we told you about CIB committing up to £2 billion.

The other buy-in is from London's Redwheel, which signed on for about $20 million.

Our calculations puts the pair at up to 39% of the base offering, and founder and CEO Munir Nakhla told a Shirk business, it's more than a third.