CIB was established as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under its original name Chase National Bank of Egypt. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. During 1993, as part of its privatization strategy, CIB successfully launched a public share issue resulting in a decrease of the major shareholder's stake to 43%, while CIB and NBE employees became the owners of 16% of the Bank's capital in a parallel employee ownership plan. The remaining 41% was sold to over 14,000 Egyptian, Arab and multinational investors, including the International Finance Corporation. In July 1996, National Bank of Egypt (NBE), CIB's principal shareholder, sold an additional 20% equity stake in CIB's capital through a Global Depository Receipts (GDR) offering listed on the London Stock Exchange.