CIB announces new board of directors headed by Sherif Samy

CAIRO – 26 October 2020: The Commercial International Bank – Egypt (CIB) announced Monday the new board of directors after the resignation of  Hisham Ezz El-Arab.

The new board of directors is headed by Sherif Samy as a Non-Executive Chairman.

CIB said in a filing to the Egyptian exchange (EGX) that Hisham Ezz El-Arab resigned from his position as a Chairman and Managing Director following a probe by the Central Bank of Egypt (CBE).

In addition, Paresh Sukthankar has been appointed as a Non-Executive Board Member by Fairfax Financial Holdings Ltd which owns a total of 6.55 percent of the bank, replacing Bijan Khosrowshahi who stepped down after concluding six years of service.

Earlier on Sunday, EGX decided to resume trading on the shares of the Commercial International Bank - Egypt, as of the beginning of today's session, Oct. 25.

EGX stated in a statement Sunday that it was decided to suspend all offers and applications registered on the bank’s shares before publishing this announcement, as the bank sent the decisions of the Board of Directors in its session held on October 22.

On Thursday, EGX decided to suspend trading on the shares of CIB - Egypt, at the request of the Financial Supervisory Authority.

Last Friday, CIB - Egypt announced the Board of Directors' unanimous decision to appoint Sherif Samir Sami, the current Chairman of the Governance and Nominations Committee, as a non-executive Chairman of the Board of Directors of the Commercial International Bank - Egypt, after obtaining the approval of the Central Bank of Egypt (CBE), according to the CIB statement.

The decision of the board of directors came after the resignation of Hisham Ezz Al-Arab from the chairmanship of the board, who was also the managing director of the bank, as of October 22, following a decision to step him aside by the CBE, pursuant to Clause (i) of Article (144) of the Central Bank of Egypt Law and the Banking System And promulgated by Law No. 194 of 2020.

CIB reported profits of LE 4.997 billion during the first half (H1) of 2020, down from LE 5.35 billion in the same period of 2019 , including minority shareholders’ rights.