REG - Commercial Int Bank - Changes in CIB's Board of Directors

Commercial International Bank Egypt CIBAnnouncement

16/09/2024 08:00

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RNS Number : 2993E  Commercial Intnl Bank (Egypt) SAE  16 September 2024

For Immediate Release

CIB ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS

 

CAIRO ─ 15 September 2024 ─ Commercial International Bank Egypt (CIB),
Egypt's largest private sector bank, announced today a number of changes to
the Board of Directors, subject to regulatory approvals.

The Board has selected Neveen Sabbour as Non-Executive Chair.  The first
woman to chair CIB's board, Neveen Sabbour is a seasoned banker with extensive
experience in M&A, business strategy, banking transformation, financial
planning and management information systems. She joined CIB as Non-Executive
Director in March 2023 and currently serves on the boards of several financial
and industrial institutions that include Meris (Moody's Egypt) and the Holding
Company for Metallurgical Industries. Ms. Sabbour is a member of the board of
trustees of the "We Owe it to Egypt" foundation, as well as "Banking for Women
in Egypt", an institution aimed at women's empowerment and financial
inclusion.

The Board has reappointed Hisham Ezz Al-Arab as Chief Executive Officer and
Board Member. Mr. Ezz Al-Arab succeeds Hussein Abaza who is ending his term at
CIB as previously planned.  Amr El-Ganainy will become an executive director
of the Board in his capacity as Deputy CEO. The Board of Directors also
announced the appointments of veteran transformation banker Tony Prestedge as
Executive Advisor to the Board of Directors, and Islam Zekry, Group Chief
Financial Officer, as Executive Director.

These appointments are the result of a comprehensive process the Board of
Directors undertook to select a new CEO to lead the bank's multifaceted
business transformation and continue its program to support recognized
potential future leaders.

Selected for his deep institutional knowledge, vision, and leadership of CIB
as well as his understanding of markets and consumers, the Board's consensus
was to reappoint Mr. Ezz Al-Arab for three years. Mr. Ezz Al-Arab has served
as Chair of the Board since March 2023. During his past tenure as CEO and
Managing Director, he set the bank's strategic direction, transforming it from
a wholesale lender into Egypt's largest private sector bank and establishing
its international brand, while steering the bank through challenging
conditions. His tenure was additionally credited for a commitment to
cultivating a culture of entrepreneurial spirit and meritocracy and to global
best practices with respect to corporate governance, sustainability, and risk
management. Under his direction, CIB witnessed exceptional growth and
outperformance among its peers worldwide.

Tony Prestedge's extensive banking experience in the financial services
sector, particularly in the development and execution of digital, business
model, and operating transformations, will accelerate CIB's transformation
from traditional financial services into simple and accessible solutions for
its customers.

The Board of Directors also expressed its gratitude for Hussein Abaza's
significant contributions and steady leadership in a turbulent environment and
extended its best wishes in his future endeavors.  Mr.  Ezz Al-Arab thanked
him for his many years of dedicated service to the bank and acknowledged the
profound impact Mr. Abaza has had on the CIB brand.

Hisham Ezz Al Arab stated, "I am privileged to continue to work with the CIB
team as we further build and strengthen the organization for the future. We
are embarking on an exciting transformation journey led by Tony Prestedge to
secure the bank's position as an innovative and sustainable entity. The new
appointments are a milestone for CIB as their partnership will prepare us for
our future as a leading bank in Africa. I look forward to working with this
team over the next three years as we complete the transformation and,
importantly, groom our future leadership."

Tony Prestedge brings to CIB senior level banking experience in the
development and execution of strategic reviews across large organizations and
corporate governance, that have involved business model, operating, and
digital transformations.  Most recently Mr. Prestedge was Executive Director
and Deputy CEO of Santander UK, the fifth largest bank in the UK, with 25,000
employees serving over 14 million customers. In that role he oversaw the
private bank and consumer finance businesses and was also responsible for
Strategy, Technology and Transformation, Operations, Digital, Data and
Payments, HR, and Communications. Prior to that he was a Group Board Member,
Executive Director and Deputy CEO of Nationwide Building Society, the second
largest mortgage lender and deposit taker in the UK. There he oversaw Group
Strategy and Sustainability, Customer Experience, Digital Transformation,
Innovation and Venturing, and Channel and Project Management.

Mr. El-Ganainy will leverage his extensive local and regional banking
relationships to expand the bank's services and broaden its customer base. He
has brought tremendous value to the CIB franchise, having successfully built
its corporate customer base to include the region's most prominent companies.
He has served as an independent board member of numerous companies in Egypt
across the aviation, tourism, financial services, and telecommunications
sectors.

In addition to his 25 years of experience, Mr. Zekry has broad international
exposure to various markets across Europe, the Middle East and Africa. He sits
on the Board of Directors of CIB Kenya and is a steering committee member of
Smart Africa, an international alliance established to accelerate sustainable
socioeconomic development on the continent. He is a member of the EU-AU
Digital Economy Task Force, which examines ways of cooperative engagement in
the field of digital economy between Europe and Africa. In addition, he serves
on the Digital Transformation Committee of the World Economic Forum WEF. Most
recently he was nominated to the Egyptian AI Council to formulate and execute
the country's AI vision strategy.  Mr. Zekry is a member of the Chartered
Institute of Managerial Accountants in UK, member of FITCH Quantitative
Finance Institute in London, and Non-Executive-Director at NLB Banking Group
in Central Europe.

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