Commercial International Bank holds a meeting of its Board of Directors after the dismissal of “Ezz Al-Arab”

Informed banking sources said that the International Commercial Bank will issue an official statement detailing and decisions of the current board meeting, Thursday, following the removal of the president and managing director, Hisham Ezz Al-Arab, by 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 Supervisory 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 Commercial International Bank, continued in his position.

The Stock Exchange suspended operations at Al-Tijaria International on Thursday, in compliance with the request of the Financial Supervisory Authority, but did not mention the reasons for this.

It is worth mentioning that the Central Bank issued a decision to remove 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 produced –as indicated in the report – “the existence of serious breaches of the provisions of the Central Bank and the Banking System Law, regulatory instructions and decisions issued by the bank. The central bank, sound banking rules and practices, in addition to the severe weakness of the control procedures to grant and monitor credit and its credibility, and the waste of all banking bases ”. The report also said: “There are severe deficiencies in the internal control environment, which resulted in huge financial losses.”

Tariq Amer, Governor of the Central Bank – file photo

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