Egyptian bank CIB says chairman stepping down

FILE PHOTO: The logo of Commercial International Bank is seen in Cairo, Egypt, July 30, 2017. REUTERS/Mohamed Abd El Ghany/File Photo

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) on Friday said that Chairman Hisham Ezz al-Arab would step down with immediate effect after the bank received a letter from the central bank discharging him.

CIB said it would review and investigate all issues raised by the central bank. It said its board had unanimously decided to appoint Sherif Samy as non-executive chairman subject to central bank approval.

Reporting by Patrick Werr; Writing by Aidan Lewis; Editing by David Goodman