Hisham Ezz Al Arab reappointed to CIB board, quits CBE’s posts

Renowned Banker Hisham Ezz El Arab resigned his post as advisor to the governor of the Central Bank of Egypt (CBE) to re-join the Commercial International Bank (CIB) as board member, a non-executive position.

CIB’s former chairman and managing director Hisham Ezz Al Arab is back on the bank’s board of directors after being appointed a non-executive director with the Central Bank of Egypt’s blessing.

Ezz Al Arab led CIB to its position as Egypt’s leading home-grown bank in everything from profitability to sustainability as its chairman and managing director between 2002 and 2020, before stepping down after a central bank audit said it found regulatory, compliance and governance concerns. He was appointed an adviser to CBE governor Hassan Abdallah over the summer, after Abdallah took over the reins at the central bank from Tarek Amer.

CIB shares were up 1.47% to close at EGP 38.05 on the news.