Egypt’s biggest listed bank slumps after chairman steps down

Egypt’s biggest listed bank slumps after chairman steps down

Commercial International Bank (CIB) slumped in Cairo after its chairman stepped down amid concerns over governance.

The stock fell as much as 10 per cent to trade at EGP60.10 pounds before paring the decline to 7.2 per cent at close. The decline pulled the benchmark EGX30 index down 3.5 per cent, 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 said in a statement on Friday.

The bank said it took the central bank's findings "very seriously,“ and will investigate the issues raised. The bank didn't elaborate on the content of the letter, and CIB officials said they had yet to see the