Commercial International Bank’s (CIB) EGM convened on 21 March 2016. Shareholders ratified the existing  stock ownership plan (ESOP) for employees and directors of the bank for a period of ten years from 2016 till 2025. In addition, EGM gave approval to the Board of Directors to issue, if needed, subordinated bonds or debt instruments for up to EGP8 billion or its equivalent in foreign currency. The BoD would decide on when and how these instruments would be issued depending on the bank’s financing needs and market conditions. The issuance would happen in a maximum two-year time from the EGM. The approval to issue bonds is renewed every five years. Management has stated there are no short-term plans to issue debt (Company disclosure, Elena Sanchez-Cabezudo)   CIB: EGP40.75 as of 22 March 2016, Rating: Buy, FV: EGP44.11 per share, MCap: USD5,264 million, COMI EY / COMI.CA