Egypt’s Commercial International Bank board meets amid top leadership void

CIB to release detailed statement on Hisham Ezz Al-Arab's resignation, new successor

The board of directors of Commercial International Bank (CIB), one Egypt’s largest private banks, has been summoned for an urgent meeting following the resignation of chairman Hisham Ezz Al-Arab, sources told Amwal Al Ghad on Thursday.

The meeting aims to select a successor, who would act as a non-executive chairman.

CIB is expected to release a detailed statement, disclosing reasons behind Ezz Al-Arab’s resignation and the new successor, the sources added.

“The bank is likely to name Sherif Samy as non-executive chairman within the coming few hours,” the sources said.

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.

Earlier, the country’s central bank released an inspection report that uncovered a number of management regularities and regulatory violations committed by the CIB.

The report has found CIB 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 central bank inspection report read.