Central Bank of Egypt approves appointment of Sherif Sami as new chairman of CIB

Central Bank of Egypt approves appointment of Sherif Sami as new chairman of CIB

The Central Bank of Egypt (CBE) announced on Friday that it approved the appointment of Sherif Sami as the new chairman of Commercial International Bank (CIB) after he was chosen by its board of directors to assume the post following the decision by Hisham Ezz El-Arab to step down as chairman and managing director, effective immediately.

According to a statement of the central bank, CBE Governor Tarek Amar met with the CIB's board of directors on Friday.

"The Governor of the Central Bank met with the Board of Directors of the CIB, who undertook to prepare a corrective action plan to remedy the supervisory notes of the CBE in particular with regard to internal control, credit risks and banking operations in a way that preserves the integrity of