Egypt’s Biggest Listed Bank Slumps After Chairman Steps Down

Egypt’s Biggest Listed Bank Slumps After Chairman Steps Down

Commercial International Bank SAE slumped in Cairo after its chairman stepped down amid concerns over governance.The stock fell as much as 10% to trade at 60.10 Egyptian pounds before paring the decline to 7.2% at close. The decline pulled the benchmark EGX30 index down 3.5%, the biggest drop for a session since March 18.Hisham Ezz Al Arab resigned after an emergency meeting of the board convened to discuss a letter from the central bank communicating the regulator's decision to dismiss him, CIB