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Egyptian bank CIB says chairman stepping down

Credit: REUTERS/MOHAMED ABD EL GHANY

Commercial International Bank (CIB) Chairman Hisham Ezz al-Arab is stepping down with immediate effect after the Egyptian bank received a letter from the central bank discharging him, CIB said on Friday.

Recasts with CIB statement

CAIRO, Oct 23 (Reuters) - Commercial International Bank (CIB) Chairman Hisham Ezz al-Arab is stepping down with immediate effect after the Egyptian bank received a letter from the central bank discharging him, CIB said on Friday.

CIB, Egypt's biggest listed bank, quoted the central bank as saying the decision was made under a new banking law passed this year, without disclosing further details.

The lender's news release said it had held an emergency board meeting on Thursday and would review and investigate all issues raised by the central bank, adding that the board unanimously decided to appoint Sherif Samy as non-executive chairman, subject to central bank approval.

CIB has substantial foreign holdings and by far the biggest market capitalisation on the Egyptian stock exchange. The bank's 2019 annual report said it accounts for more than 43% of the benchmark EGX30 index.

Ezz al-Arab, who was appointed chairman in 2002, is among the country's leading bankers and a well-known figure in Middle Eastern finance.

(Reporting by Ehab Farouk, Patrick Werr and Nadine Awadalla in Cairo Writing by Aidan Lewis Editing by David Goodman)

((Aidan.Lewis@tr.com; +20-1001174410;))

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