CIB Chairman Hisham Ezz El-Arab to step down in 2 to 3 years
Updated 10/23/2024 9:03:00 AM
Arab Finance: The Chairman of the Commercial International Bank of Egypt (CIB) Hisham Ezz El-Arab announced his decision to resign from his position within the next two to three years, Ezz El-Arab told Al Arabiya Business.
Ezz El-Arab also revealed that the bank is preparing for a leadership transition, with a new CEO to be appointed within two years.
This announcement comes as CIB undergoes significant internal restructuring.
Ezz El-Arab shared that the bank's Board of Directors spent 18 months re-evaluating its management and operational systems to align with the latest developments in the banking sector.
The move aims to keep CIB competitive amidst the fast-evolving financial landscape in Egypt and beyond.
On the topic of the exchange rate, Ezz El-Arab emphasized that the current rate reflects a balance between market supply and demand.
He noted that there are no significant disruptions in the availability of foreign currency for traders operating in Egypt.
“As long as there are no delays or problems in securing foreign currency, these are signs of market stability," he said.
He also added that the exchange rate could fluctuate depending on decisions made by the Central Bank of Egypt (CBE), indicating that it may remain around EGP 50, EGP 49, or EGP 46 per USD.
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