Commercial International Bank-Egypt (CIB) was named the World's Best Bank in Emerging Markets by Euromoney at the recent Global Awards for Excellence event in London on July 6.

It is the first Egyptian bank to have won this recognition and the chairman and managing director of CIB, Hishan Ezz Al-Arab, keenly feels the award's significance.

"We are equally proud to be part of the banking sector, whose consistent strength and stability have been an anchor for Egypt in a challenging environment," Al-Arab said in his speech. 

Euromoney's mission is to find the best-in-class performance in banking and award the actions taken. For this year, that bank is CIB, Euromoney explained, voicing that no other bank in an emerging market out-performed Egypt's CIB.