Egypt's CIB appoints chairman Ezz al-Arab as CEO
16/09/2024 13:27
CAIRO, Sept 16 (Reuters) - Commercial International Bank
(CIB), Egypt's biggest private bank, has appointed long-serving
chairman and former CEO Hisham Ezz al-Arab as its chief
executive, it said in a statement on Monday.
Board member Neveen Sabbour will replaced him as chairman,
the statement said. Ezz al-Arab replaces current CEO Hussein
Abaza and will occupy the position for three years.
The new appointments are part of a processs "to lead the
bank's multifaceted business transformation and continue its
programme to support recognised potential future leaders," the
statement said.
Ezz al-Arab, chairman and managing director since 2002, was
ordered to step down in October 2020 by the central bank, which
cited "compliance concerns".
The central bank governor at the time, Tarek Amer, resigned
in August 2022 during a currency crisis, a year before his term
ended. Ezz al-Arab was asked to return as chairman in the
December that followed.
(Reporting by Patrick Werr, Editing by Louise Heavens)
((patrick.werr@thomsonreuters.com;))