Sherif Sami, Chairperson of the Commercial International Bank (CIB) – Egypt, affirmed that the bank’s financial position was not substantively affected by the initial audit report on the bank. He added that the bank continues its operations in all 200 branches normally, and carries on implementing its future expansion.
Sami stressed that the CIB pays great attention to the Central Bank of Egypt’s (CBE) notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future.
He noted that the bank still need more time to satisfactorily complete all the required reviews and audits and to ensure the validity and integrity of all examinations, so that the bank can prepare and disclose its reliable financial statements for the third quarter (Q3) of the fiscal year.
Sami announced that the bank’s board of directors decided in its Saturday meeting to postpone the issuance of the financial statements until the required reviews are completed in coordination with the account auditors.
Correction: An earlier version of this article said that the CIB financial position was unaffected by the initial audit report, the precise statements of CIB chairperson is that “Initial audit report had no substantial effect on CIB financial position”