Egypt’s central bank dismisses CIB head Hisham Ezz El-Arab over ‘serious violations’

Egypt’s central bank dismisses CIB head Hisham Ezz El-Arab over ‘serious violations’

The Central Bank of Egypt (CBE) dismissed on Thursday the chairman and managing director of the Commercial International Bank (CIB) Hisham Ezz Al-Arab over what the CBE described as "serious violations of the Central Bank's laws, decisions and norms.“

In a letter sent to the CIB's CEO Hussein Abaza, the CBE said, "The field inspection conducted in your bank revealed serious violations“¦ [as well as] very weak control and supervisory measures on the granting and pursuance of loans.“

The CBE added that it found deficiencies in the bank's internal auditing, which resulted in "huge financial losses for the bank.“

"The CBE sees that there is a danger on the bank from these negative practices, which can be described as financial crimes,“ the CBE said.

The CBE's letter has