Egyptian central bank fires head of largest commercial lender

Central Bank of Egypt
Central Bank of Egypt

Egypt’s central bank effectively ordered the head of the country’s largest commercial lender to resign after it raised concerns over the bank’s soundness.

The central bank sent a letter to Commercial International Bank on October 22 raising serious regulatory concerns, leading the board to hold an emergency meeting. The meeting agreed that Hisham Ezz Al-Arab should step down as CIB’s managing director and board chairman, the bank said in a statement issued on October 23.

CIB’s board members

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