New chairman of Egypt's CIB says bank has met with central bank

The bank took note of the central bank's guidelines on boosting compliance and internal controls

  
A logo of Commercial International Bank is seen on a facade of its branch (CIB) in Cairo, Egypt July 30, 2017.Image used for illustrative purpose.

A logo of Commercial International Bank is seen on a facade of its branch (CIB) in Cairo, Egypt July 30, 2017.Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

CAIRO- Egypt's Commercial International Bank (CIB) has discussed with the country's central bank the conclusions of an inspection that led to the removal last week of long-serving chairman Hisham Ezz al-Arab, its new chairman said on Tuesday.

"We met yesterday with the people concerned with the file in the central bank," said Sherif Samy, appointed CIB's non-executive chairman on Friday.

"A lengthy discussion took place on the conclusions of (the) inspection and the violations they contained and to explore central bank directives to strengthen a number of aspects of compliance and internal control," Samy told Reuters.

Egypt's biggest listed bank said on Friday it received notification in a letter from the central bank of the decision to remove Ezz al-Arab under a new banking law passed earlier this year, but gave no further details. 

"I met with a number of executive directors at the bank this morning and we began coordinating with the external controllers to study each note in detail and assess its impact or determine any required corrective measures," Samy said.

These measures will be undertaken by several work teams over the coming days, he added.

CIB shares were 1% higher at 61.05 Egyptian pounds by 1246 GMT.

($1 = 15.6500 Egyptian pounds)

(Reporting by Ehab Farouk Writing by Mahmoud Mourad Editing by Jason Neely and David Holmes) ((patrick.werr@thomsonreuters.com;))

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