The Central Bank of Egypt (CBE) issued a statement on the latest developments at the Commercial International Bank – Egypt (CIB), in which it provided its full support to the troubled bank.
A CBE statement read, “The CBE approved the decision of the CIB’s Board of Directors to appoint Sherif Sami, a board member and former chairperson of the Financial Regulatory Authority, as a non-executive Chairperson, as of date.”
The statement added that CBE Governor Tarek Amer met with the CIB’s Board of Directors that pledged to prepare a corrective action plan to remedy the bank’s situation as per the CBE’s supervisory notes. This is particularly regarding internal control, credit risks, and banking operations.
During the meeting, the CBE Governor affirmed his confidence in the CIB’s Board of Directors. He stressed that the CBE will provide its full support to the bank in a manner that preserves the integrity of the latter’s financial position and depositors’ funds.
He indicated that this comes as part of the CBE’s policy to implement preventive and proactive measures, and ensure the implementation of the highest levels of sound banking practices. This will, in turn, ensure that the stability and integrity of Egypt’s banking system is preserved, and its ability to achieve the state’s goals for financial stability and economic development.