UPDATE 2: Egypt’s central bank dismisses CIB head Hisham Ezz El-Arab over ‘serious violations’

SectorFinancial Services


e 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 ...read more...