Commercial International Bank (CIB), Egypt’s largest private bank, has appointed its long-serving chairman and former CEO Hisham Ezz al-Arab as its new chief executive officer, the bank said in a statement on Monday.
Board member Neveen Sabbour will replace him as chairman, the statement said. Ezz al-Arab replaces current CEO Hussein Abaza and will serve in the role for three years.
The new appointments are part of a process “aimed at driving the bank’s multifaceted transformation and continuing its program of supporting recognized future potential leaders,” the statement said.
Ezz al-Arab, chairman and CEO since 2002, was ordered to step down in October 2020 by the central bank, which cited “compliance issues.”
The then central bank governor, Tarek Amer, resigned in August 2022 during a currency crisis, a year before his term was due to end. Ezz al-Arab was invited to resume the presidency the following December.
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