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Informed banking sources said that the Commercial International Bank will issue an official statement detailing and decisions of the current board meeting, today, Thursday, after the removal of the Chairman and Managing Director, Hisham Ezz Al-Arab, by a decision of the Central Bank of Egypt.
The sources added that what is reported about the nomination of Sherif Sami, former head of the Financial Supervision Authority, to succeed Izz Al-Arab as non-executive chairman of the bank, is still uncertain, while other sources indicated that Hussein Abaza, CEO of the Commercial International Bank, continued in his position.
The Stock Exchange suspended trading at Al-Tijaria International on Thursday, in implementation of the Financial Supervision Authority’s request, but it did not mention the reasons for this.
It is noteworthy that the Central Bank issued a decision to dismiss the Chairman of the Board of Directors of the Commercial International Bank, the largest private bank in the local market, against the background of a field inspection report that resulted – as stated in the report – of “the existence of grave breaches of the provisions of the Central Bank Law and the Banking System and Supervisory Instructions, and the decisions issued by the bank. The central bank, norms and sound banking practices, in addition to the severe weakness of the procedures for monitoring the granting and monitoring of credit and their credibility, and the waste of all banking foundations. ”The report also said:“ The existence of severe deficiencies in the internal control environment, which resulted in huge financial losses. ”
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