Egypt’s central bank approves appointment of new CIB chairman

Egypt’s central bank  approved the appointment of Sherif Samy as non-executive chairman of CIB bank following Hisham Ezz El-Arab decision to step down as chairman.

The bank added that Samy should be well placed to address the central bank’s regulatory compliance concerns.

CBE also noted CIB remains sound and its depositors’ funds are “fully secure”, adding that the CIB board was committed to formulating a “corrective plan” to rectify compliance issues.