Egypt’s CIB officially announces changes in board of directors

The Commercial International Bank – Egypt (CIB) announced the new board of directors headed by Sherif Samy as a Non-Executive Chairman.

The bank also confirmed that Hisham Ezz El-Arab had resigned from his position as a Chairman and Managing Director following a probe by the Central Bank of Egypt (CBE), according to statement to the Egyptian stock exchange.

In addition, Paresh Sukthankar has been appointed as a Non-Executive Board Member by Fairfax Financial Holdings Ltd which owns a total of 6.55% of the bank, replacing Bijan Khosrowshahi who stepped down after concluding six years of service.