Egypt's CIB prepares corrective plan to remedy violations

The bank’s executive directors met on Tuesday to consider every remark and prepare a corrective plan to remedy the violations found by the CBE

  
A branch of Commercial International Bank (CIB) is pictured in Cairo, Egypt July 30, 2017. Image used for illustrative purpose.

A branch of Commercial International Bank (CIB) is pictured in Cairo, Egypt July 30, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo – The Commercial International Bank – Egypt (CIB) provided the latest update of its meeting on Monday with the Central Bank of Egypt (CBE) to discuss its supervisory remarks.

The bank’s executive directors met on Tuesday to consider every remark and prepare a corrective plan to remedy the violations found by the CBE, according to a bourse disclosure on Tuesday.

Last week, the Egyptian Exchange (EGX) halted trading on CIB’s shares upon a request from the Financial Regulatory Authority (FRA) before being resumed again on Sunday.

On Friday, CIB – Egypt announced the appointment of Sherif Samy as a Non-Executive Chairman, following the resignation of Hisham Ezz El-Arab.

During the first half (H1) of 2020, the bank reported net profits of EGP 4.997 billion, down from EGP 5.35 billion in the prior-year period, including minority shareholders’ rights.

Source: Mubasher

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