[Egypt] CIB named a constituent of the 2020 Bloomberg Gender Equality Index
Commercial International Bank (CIB), Egypt’s leading private sector bank, has been included in the 2020 Bloomberg Gender Equality Index (GEI), the only company in Egypt and one of just a handful from Africa to be included.
The 2020 GEI features 325 companies representing 42 countries across 50 industries with a demonstrable commitment to the global advancement of women in the workplace. CIB was also named among 230 companies in the 2019 GEI.
The GEI aims to offer investors a glimpse into public companies committed to advancing gender equality through the measurement of five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.
CIB Chairman, Hisham Ezz Al-Arab stated: “We are extremely pleased to have been named in the 2020 Bloomberg GEI, following our inclusion in last year’s index and further attesting to our commitment to gender equality as well as the implementation of robust internal ESG policies, centered on equality, transparency and sustainability. In light of the the impending transformation of the financial services industry, demonstrated by the current trend of sustainable investments, financial institutions must adopt operations that will better the global community.”
A meta-study co-led by researchers at Oxford University found that “companies with robust sustainability practices demonstrate better operational performance,” while 80% of reviewed studies found that “sustainability practices have a positive influence on investment performance.”
CIB has prioritized the integration of gender equality into its operations. Today, women hold 23% of executive positions at the bank and comprise a total of 29% of the workforce. The bank has implemented market-leading policies for its staff including targeted medical benefits and extended maternity leave along with a paid-leave program for fathers. Additionally, the bank offers its customers gender-conscious services that promote financial inclusion and support women-owned enterprises.
“We note with approval the recent move in the investing community toward sustainability in finance, including most recently BlackRock Chairman and CEO Larry Fink’s annual letter to CEOs highlighting the challenges climate change will present to businesses and finance. Businesses worldwide, including financial institutions, must commit to operating in a way that leaves the communities in which we do business better than we found them.”
CIB’s sustainability drive aims to create partnerships and promote sustainable development in Egypt and across Africa. The bank prides itself on its culture of inclusion, partnership, and commitment to sustainability across its operations. CIB also supports sustainable development in Egypt and Africa in line with Egypt’s 2030 Vision and Africa’s 2063 Vision.
To this end, it has undertaken a number of commitments to help it achieve its sustainability strategy, including joining the EU-AU Digital Economy Task Force, an initiative to promote Africa’s digital transformation, as well as becoming the first Egyptian financial institution to join the United Nations Environment Program Finance Initiative (UNEP-FI).