Sunday 25 October 2020
I wrote – Yasmine Selim:
Sherif Sami, the new president of the Commercial International Bank, said that Tariq Amer, governor of the Central Bank, promised the bank’s board of directors to send a detailed report of the violations it found, and as a result, the executive board chairman was changed.
On Friday, the Commercial International Bank announced that Hisham Ezz Al-Arab would leave his post, after the Central Bank decided to remove him. Because of what the central bank described as grave breaches in the bank’s business.
In a statement, the CBE said that it had met with the Board of Directors of the Commercial International Bank, which pledged to plan measures to correct the supervisory notes monitored by the Central Bank.
Sami said, in an interview with Sky News Arabia today, Sunday: “As a former watchman, violations do not mean the necessity of a financial problem, but it may be lack of commitment to certain procedures or controls.”
He added that there is no change in the bank’s board of directors and everyone is doing business as usual.
According to Sami, CIB is a symbol for the entire Egyptian market, and it is a banking school and the change involved only one person, and the investor or depositor has the right to worry, but we believe that the censor in all countries of the world has the right to intervene if he finds something that does not satisfy him.
He pointed out that the Central Bank emphasized the solidity of the financial position, and no concern about depositors’ money.