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On the bank’s business plans, Sherif Sami assured Sky News Arabia that the Commercial Bank continues with its expansion plans and achieves financial inclusion and that there are no changes in the bank’s business strategy.
The Chairman of the Bank’s Governance Committee, Sherif Sami, was appointed Non-Executive Chairman of Commercial International Bank.
This occurs after the Central Bank issued a statement that contained what was described as serious non-compliances at Banco Comercial Internacional, in addition to the severe weakness in the supervision and credit monitoring procedures and the deficiency in the internal control environment. which resulted in huge financial losses.
The International Commercial Bank undertook to develop a plan that includes corrective measures to remediate the central bank’s supervisory notes, especially with respect to internal control, credit risks and banking operations.
The Central Bank stressed that it would not hesitate to intervene to protect depositors’ funds in Egyptian banks.
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Sherif Sami confirmed to “Sky News Arabia” that members of the administration met with the governor of the Central Bank to discuss recent events and find out the type of violations committed.
Sami explained that the Central Bank confirmed the soundness and solidity of the International Commercial Bank’s financial position, and that there is no risk of depositors in the bank, and that the Central Bank will issue a detailed report of the violations that occurred later.
He said that the governor of the Central Bank “affirmed his confidence in the new administration and confirmed the soundness of the financial position of the commercial bank, indicating that the bank’s executive team is as it is and at the top.
Sami told Sky News Arabia: “We were eager to fully disclose all decisions for transparency … and we met with the Governor of the Central Bank to clarify the violations.”
Sami added, in his statement to Sky News Arabia, that the Central Bank “will provide us with a detailed report on the violations.”
On the bank’s business plans, Sherif Sami assured Sky News Arabia that the Commercial Bank continues with its expansion plans and achieves financial inclusion and that there are no changes in the bank’s business strategy.
The Chairman of the Bank’s Governance Committee, Sherif Sami, was appointed Non-Executive Chairman of Commercial International Bank.
This occurs after the Central Bank issued a statement that contained what was described as serious non-compliances at Banco Comercial Internacional, in addition to the severe weakness in the supervision and credit monitoring procedures and the deficiency in the internal control environment. which resulted in huge financial losses.
The International Commercial Bank undertook to develop a plan that includes corrective measures to remediate the central bank’s supervisory notes, especially with respect to internal control, credit risks and banking operations.
The Central Bank stressed that it would not hesitate to intervene to protect depositors’ funds in Egyptian banks.
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