Commercial International Bank – Egypt (CIB) has issued a statement, in which it has published the reasons for the resignation of its outgoing chairman and managing director, Hisham Al-Arab.
The CIB Board of Directors has unanimously decided to appoint Sheriff Sami as the non-executive chairman of the bank, concern to the approval of the Central Bank of Egypt (CBE).
According to the statement, the Board of Directors of CIB convened on 22 October in an emergency assembly to talk about CIB’s letter.
The CBE letter used to be stipulated, “As per Article one hundred forty four (i) of Central Bank and Banking Law No. 194 of the year 2020, the CBE Board has resolved in its meeting held on October 20, 2020 to discharge the Chairperson and Managing Director. . Commercial International Bank. “
Accordingly, Al-Arab properly now determined to step down from his duties as chairman and managing director.
The CIB Board thanked Ezz al-Arab for his dedication and provider to CIB for years. His tenure has seen the financial organization evolve into one of the best, globally recognized and most rewarding financial establishments in the region, frequently recognizing the monetary institution as the “Best Bank in Emerging Markets”.
The CIB board additionally emphasised that it would “review, and coordinate with the bank’s exterior auditors, all the troubles recognized by way of using the CBE in its ultra-modern review, when provided, and make positive that sound banking Necessary enhancements to be made in accordance with the rules. Practices and prevailing rules. “
The Board believes that CIB has magnificent intellect and capabilities, as nicely as a committed administration team, jointly dedicated to achieving the easiest expert standards, sturdy hazard administration and a strong compliance framework.
Members of the bank’s non-executive board have been later invited to meet CBE Governor Tarek Amer, in the course of a meeting he expressed his persisted aid for the CIB and its board of directors
Speaking on behalf of the board, Sami mounted that CIB’s pinnacle precedence is to beautify the bank’s franchise as nicely as to proceed its hazard and governance framework. This will come in addition to supporting united states of america large aims and growing world-class practices.
The CEO and board member of CIB, Hussain Abaza, reiterated the bank’s dedication to serve all its stakeholders to the easiest requirements at all times.