"In accordance with article "144" (i)
of the Central Bank and Banking Law number 194 of the year 2020, the Board of
the CBE has resolved in its meeting held on October 20, 2020 discharging the
Chairman and Managing Director of Commercial International Bank."
As part of its shared responsibilities, the Board
takes regulatory findings very seriously and confirms it will review and
investigate, in coordination with the Bank's external auditors, all the issues
identified by the Central Bank in its latest review, when provided, and will
ensure necessary enhancements are made as required in line with sound
banking practices and prevailing regulations.
In view of the above, Mr. Hisham Ezz Al- Arab decided
to step down from his responsibilities as Chairman and Managing Director
effective immediately.
The board wishes to extend its gratitude to Mr.
Hisham Ezz Al- Arab for his dedication and service rendered to CIB over
the years which saw the bank grow and become one of the best, most globally
recognized and most profitable financial institutions in the region, and saw
the Bank being recognized multiple times as the "Best Bank in Emerging
Markets".
The Board has unanimously decided to appoint Mr.
Sherif Samir Samy, the current Chairman of the Governance and Nomination
Committee, to assume the responsibilities of Non-Executive Chairman of
the Board subject to CBE approval.
The Board believes that CIB has extraordinary talent
and capabilities and a dedicated management team that remain collectively
committed to achieving the highest professional standards, strong risk
management and a robust compliance framework.
The Non-Executive Board members were later invited to
a meeting with his excellency the CBE Governor during which he expressed his
continued support to CIB and its Board.
On behalf of the Board, Mr. Sherif Samy confirmed that
the Bank's top priority ahead is to continue enhancing CIB franchise and its
risk and governance frameworks, in addition to supporting national objectives
and developing world class practices.
Mr. Hussein Abaza, CIB CEO and Board Member, reiterated
the Bank's commitment to serve all its stakeholders with the highest standards
at all times.
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