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05:42 p. M.
Thursday 22 October 2020
I wrote – Manal Al-Masry:
Banking sources told Misrwai that an emergency meeting of the Board of Directors of the International Commercial Bank is currently taking place, in the context of the suspension of the bank’s shares on the stock market, which caused widespread confusion in the market on Thursday.
Sources’ expectations indicate that Hisham Ezz Al-Arab, Chairman of the Board of Directors of Commercial International Bank, has resigned, but Commercial International Bank has not announced any official decision so far.
Sources said that the economist and banking expert Sherif Sami, who is a member of the Board of Directors of the International Commercial Bank, is the closest candidate to assume the bank’s presidency to succeed Izz al-Arab.
Amr Al-Ganaini, member of the Board of Directors and CEO of Commercial International’s Institutional Sector, confirmed in a special statement to Masrawy that he had not submitted his resignation to the bank’s board of directors.
The Egyptian Stock Exchange decided this morning to suspend trading in Al-Tijaria International shares at the request of the Financial Supervisory Authority, without specifying the reasons.
Sources said the stock suspension was due to the International Commercial Bank Board meeting for an emergency meeting and expectations of a fundamental change in the bank’s board of directors.
Masrawy contacted Banco Comercial Internacional for comment, and the response was that the bank would issue a clarifying statement within hours.
