The board of Directors of the Commercial International Bank (CIB) has unanimously decided to appoint Sherif Samy, the current Chairperson of the Governance and Nomination Committee, to assume the responsibilities of Non-Executive Chairperson. The decision was approved by the Central Bank of Egypt (CBE) on Friday.
In a statement CIB board said they have convened on Thursday, October 22nd, 2020 in an emergency meeting to discuss contents of a letter received the same morning from the Central Bank of Egypt (CBE) relaying their board meeting’s following resolution:
“Following article “144” (i) of the Central Bank and Banking Law number 194 of the year 2020, the Board of the CBE has resolved in its meeting held on October 20, 2020, discharging the Chairperson and Managing Director of Commercial International Bank.”
As part of its shared responsibilities, the Board takes regulatory findings very seriously and confirms it will review and investigate, in coordination with the Bank’s external auditors, all the issues identified by the Central Bank in its latest review, when provided, and will ensure necessary enhancements are made as required in line with sound banking practices and prevailing regulations.
Accordingly, Hisham Ezz Al- Arab decided to step down from his responsibilities as Chairperson and Managing Director effective immediately.
The board extended its gratitude to Ezz Al- Arab for his dedication and service rendered to CIB over the years which saw the bank grow and become one of the best, most globally recognized and most profitable financial institutions in the region.
The Non-Executive Board members were later invited to a meeting with the CBE Governor during which he expressed his continued support to CIB and its board.
During the meeting, the CIB board pledged to prepare a corrective action plan to remedy the supervisory notes regarding internal control, credit risks and banking operations.
Samy confirmed that the Bank’s top priority ahead is to continue enhancing CIB franchise and its risk and governance frameworks, in addition to supporting national objectives and developing world-class practices.
Hussein Abaza, CIB CEO and Board Member, reiterated the Bank’s commitment to serving all its stakeholders with the highest standards at all times.