The Central Bank of Egypt (CBE) announced on Friday that it approved the appointment of Sherif Sami as the new chairman of Commercial International Bank (CIB) after he was chosen by its board of directors to assume the post following the decision by Hisham Ezz El-Arab to step down as chairman and managing director, effective immediately.

According to a statement of the central bank, CBE Governor Tarek Amar met with the CIB's board of directors on Friday.

“The Governor of the Central Bank met with the Board of Directors of the CIB, who undertook to prepare a corrective action plan to remedy the supervisory notes of the CBE in particular with regard to internal control, credit risks and banking operations in a way that preserves the integrity of the bank's financial position and the money of depositors,” the statement read.

“The Central Bank will not hesitate to intervene under its supervisory powers whenever required within the framework of its commitment to protecting the funds of depositors in Egyptian banks in accordance with the provisions of the law and sound banking norms in order to preserve the stability and soundness of the banking system and its ability to achieve the state's goals for financial stability and economic development,” the statement added.

On Thursday, the CBE dismissed Hisham Ezz El-Arab, the longtime chairman and managing director of the CIB, over what the CBE described as “serious violations of the central bank’s laws, decisions and norms,” without giving further details.

The CIB's board of directors said in a statement on Friday that it had convened in an emergency meeting on Thursday to discuss the contents of a letter received that morning from the Central Bank of Egypt (CBE) relaying a central bank board meeting’s decision to discharge Ezz El-Arab from his role. The CIB added that its board of directors agreed to appoint Sherif Sami as its chairman.

CIB is Egypt’s biggest private bank in Egypt.

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