RELEASE
Cairo - February 28th 2016 - Commercial International Bank (Egypt) is pleased to announce the appointment of Mr. Hisham Ramez Abdel Hafez as Vice Chairman and Managing Director.
With his impressive track record of more than 30 years in the banking industry, Mr. Ramez will be overseeing the overall business of the bank and managing day-to-day operations, where he will be responsible for both key business lines i.e. Consumer and Institutional banking as well as the COO area. As such, Mr. Ezz Al-Arab, Chairman and Managing Director, will be focusing on the bank's strategic issues in addition to overseeing the regulatory functions of the bank.
With such separation of duties and the right balance, the Board aims to reinforce the most suitable governance principles that best fit CIB and enhance the independent oversight in the board room that complies not only with the Central Bank directives but also with international structures where the primary role of the Chairman and the Board of Directors is to serve as a fiduciary to the shareholders of the company.
The Board is welcoming Mr. Ramez back to CIB's family with full confidence that he is the right candidate to successfully lead the future business aspirations of the bank together with CIB's outstanding Management Team.
The new appointment to the Board will be presented to the General Assembly in its upcoming meeting having fulfilled all documents required by the Central Bank of Egypt.
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