Egypt’s CIB chairman Hisham Ezz Al-Arab resigns after two decades at the helm

The chairman of Egypt’s Commercial International Bank (CIB) Hisham Ezz Al-Arab resigned on Thursday after spending almost two decades at the helm, a banking source told Al-Watan Newspaper without disclosing the reasons behind the move.

The resignation came after the Egyptian stock exchange (EGX) had suspended the trading in shares of CIB upon a request from the country’s financial regulatory authority (FRA), without citing sufficient reasons, leaving investors in the dark.

Ezz Al-Arab has been in charge of the CIB, one of the largest private banks in Egypt, since 2002. He also served as chairman of the Federation of Egyptian Banks between 2013 and 2020.