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03:50 pm
Friday 23 October 2020
I wrote – Manal Al-Masry:
Hisham Ezz Al-Arab, Chairman of the Board of Directors of Commercial International Bank, announced that he was leaving his post and ending his trip with the bank.
Ezz Al-Arab wrote on his Facebook page today Friday: “During my 21 years of service with the International Commercial Bank, we have built an institution, and its market value has increased to more than $ 6 billion from $ 150 million. dollars, and we were recognized in this process as the best bank. In global emerging markets in three of the past four years. “
“In the midst of this long and successful career, I had planned to step down as president and CEO last year, but at that point several shareholders asked me to continue for another 12 months. That year is over.”
“Given the current situation with the Central Bank of Egypt, I have decided that the time has come to end my journey with the International Commercial Bank … I have made wonderful friendships over the years, and I will appreciate them as I do with the love that my colleagues showed me, “he said.
“I see my role in helping create an icon for the financial industry and the Egyptian Stock Exchange as part of my service to our great nation, and I leave my position today with the certainty that I have always lived up to my values, including honesty and decency, “he said.
Banking sources told Masrwai that an emergency meeting of the Board of Directors of the International Commercial Bank was held yesterday, in the context of the suspension of the bank’s participation in the stock market, which caused widespread confusion in the market.
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 yesterday morning to suspend the trading of 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.
