The decision to dismiss Hisham Ezz Al-Arab from his position as Chairman of the Board of Directors of the Commercial International Bank came against the backdrop of a field inspection report.The report said: “The existence of gross violations of the provisions of the Central Bank Law and the Banking System and the Supervisory Instructions, the decisions issued by the Central Bank and the sound banking customs and practices, in addition to the severe weakness of the supervisory procedures for granting and monitoring credit and their credibility, and the waste of all banking foundations.”
The report also stated: “The existence of severe deficiencies in the internal control environment, which resulted in huge financial losses.”On Thursday, the Egyptian Stock Exchange suspended trading at Al-Tijaria International, in implementation of the Financial Supervision Authority’s request, but it did not mention the reasons behind this.
It is noteworthy that Egypt won the award for the best emerging market bank in the world for the year 2020 from Global Finance, through the Commercial International Bank (CIB).
On Friday, the Central Bank of Egypt approved the decision of the Board of Directors of the Commercial International Bank to appoint a member of the bank’s board of directors and former head of the Financial Supervision Authority, Sherif Sami, as a non-executive chairman of the bank’s board of directors.
The Governor of the Central Bank met with the Board of Directors of the Commercial International Bank, who “undertook to prepare a corrective action plan to remedy the supervisory notes of the Central Bank, in particular with regard to internal control, credit risks and banking operations,” according to a Central Bank statement.
This comes within the framework of “the policy of the Central Bank to apply preventive and proactive measures and to ensure the implementation of the highest levels of sound banking practices,” according to the statement.
These were the details of the news After the ouster of the head of the Commercial International Bank,... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
