Officially, the Central Bank dismisses the head of the International Commercial...

The Central Bank issued a decision to dismiss the Chairman of the Board of Directors of the Commercial International Bank, the largest private bank in the local market, against the background of a field inspection report that – as stated in the report – revealed “the existence of grave breaches of the provisions of the Central Bank Law and the Banking System and Supervisory Instructions, and the decisions issued by the Central Bank and customs And sound banking practices, in addition to the severe weakness of the supervisory procedures for granting and monitoring credit and their credibility, and the wasting of all banking foundations. The report also said: “There are severe deficiencies in the internal control environment, which resulted in huge financial losses.”

In the same context, the stock exchange management suspended trading on the shares of the Commercial International Bank during the weekend session, and stated in a statement that the suspension was based on a decision from the Financial Supervision Authority, and a statement of the reasons for the suspension is expected to be issued.

Text of the decision to dismiss the President of the Commercial International Bank

Until the newspaper appeared for publication, Al-Masry Al-Youm was not able to obtain a comment from the Chairman of the Board of Directors of the Commercial International Bank, nor did the Central Bank or the Stock Exchange issue any official statement in this regard.

The Central Bank decided to appoint a non-executive board member as a non-executive chairman of the Board of Directors of the Commercial International Bank, and to provide him with a request to amend the registration data so that he can take the necessary action in this regard, noting that the bank’s board of directors bears the legal responsibility for implementing this decision.

In another context, Tariq Amer, governor of the Central Bank, inspected yesterday the construction works and equipment of the new printing press and the “Cash Center” center, which are being built in the Administrative Capital.

A bank official source said, in statements, that the construction of the printing press is nearing completion.