Egypt’s central bank removes CIB’s Hisham Ezz Al-Arab

Egypt’s central bank has removed on Thursday Hisham Ezz Al-Arab, chairman of Egypt’s Commercial International Bank (CIB) following an inspection report that uncovered a number of management regularities and regulatory violations.

The report has found CIB, one of the biggest banks in Egypt, in violation of the central bank and banking system’s oversight regulations.

It has also cited material weaknesses in the CIB’s regulatory measures and credibility of giving grants and making credit follow-ups.

“There were some noticeable deficiencies evident in the (bank’s) internal control environment that resulted in massive financial losses.” the report read.

central bank
A letter sent by Egyptian central bank deputy governor Gamal Negm to CIB CEO Hussein Abaza​, disclosing the results of the bank inspection report