The Commercial International Bank – Egypt (CIB) has issued a statement, in which it revealed the reasons for the resignation of its outgoing Chairperson and Managing Director, Hisham Ezz Al-Arab.
The CIB Board of Directors has unanimously decided to appoint Sherif Sami as non-executive chairperson of the bank, subject to the Central Bank of Egypt’s (CBE) approval.
According to the statement, the CIB’s Board of Directors convened, on 22 October, in an emergency meeting to discuss a letter from the CBE.
The CBE letter stipulated, “In accordance with article 144 (i) of the Central Bank and Banking Law number 194 of the year 2020, the CBE Board has resolved, in its meeting held on 20 October 2020, to discharge the Chairperson and Managing Director of Commercial International Bank.”
Accordingly, Ezz Al-Arab decided to step down from his responsibilities as Chairperson and Managing Director effective immediately.
The CIB Board extended its gratitude to Ezz Al-Arab for his dedication and service rendered to CIB over the years. His tenure has seen the bank grow into one of the best, most globally recognised, and most profitable financial institutions in the region, seeing the bank recognised multiple times as the “Best Bank in Emerging Markets”.
The CIB Board also stressed that it “will review and investigate, in coordination with the Bank’s external auditors, all the issues identified by the CBE in its latest review, when provided, and will ensure necessary enhancements are made as required in line with sound banking practices and prevailing regulations.”
The Board believes that CIB has extraordinary talent and capabilities, as well as a dedicated management team, that remain collectively committed to achieving the highest professional standards, strong risk management and a robust compliance framework.
The bank’s Non-Executive Board members were later invited to meet with CBE Governor Tarek Amer, during a meeting in which he expressed his continued support to CIB and its Board of Directors
Speaking on the board’s behalf, Sami confirmed that CIB’s top priority ahead is to continue enhancing the bank’s franchise, as well its risk and governance frameworks. This will come in addition to supporting national objectives and developing world class practices.
Hussein Abaza, CEO and board member of CIB, reiterated the bank’s commitment to serve all its stakeholders to the highest standards at all times.