Officially, the Central Bank dismisses the head of the International Commercial Bank for his “serious infractions” (text of the decision)

The Central Bank issued the decision to dismiss the Chairman of the Board of Directors of Banco Comercial Internacional, the largest private bank in the local market, in the context of a field inspection report that, as indicated in the report, revealed “the existence of serious breaches of the provisions of the Law of the Central Bank and the Banking System and Supervision Instructions, and the decisions issued by the Central Bank and Customs AND sound banking practices, in addition to the severe weakness of the supervision procedures to grant and monitor credit and its credibility, and the waste of all bank bases. The report also said: “There are severe deficiencies in the internal control environment, which resulted in huge financial losses.”

In the same context, the management of the stock exchange suspended the trading of Commercial International Bank shares during the weekend session, and stated in a statement that the suspension was based on a decision of the Financial Supervisory Authority, and a statement of the reasons for the suspension is expected to be issued.

Text of the decision to remove the president of Banco Comercial Internacional

Until the newspaper appeared for publication, Al-Masry Al-Youm was unable to obtain a comment from the Chairman of the Board of Directors of the International Commercial Bank, and neither the Central Bank nor the Stock Exchange issued any official statement on the matter.

The Central Bank decided to appoint a non-executive director as non-executive chairman of the Board of Directors of Banco Comercial Internacional and submit a request for modification of the registration data so that it can take the necessary actions in this regard, noting that the bank’s board of directors has the legal responsibility to implement this decision.

In another context, Tariq Amer, governor of the Central Bank, yesterday inspected the works and equipment of the new printing press and the “Cash Center”, which are being built in the Administrative Capital.

An official source from the bank said in a statement that construction of the printing press is nearing completion.