Press Release

RNS Number : 0801T

Commercial Intnl Bank (Egypt) SAE

01 December 2011

 



Commercial International Bank is pleased to announce that MR. Hisham Ramez Abdel Hafez has accepted to join the bank as Vice Chairman and Managing Director and will assume his responsibilities once the bank receives clearance from the Central Bank of Egypt (CBE).

Mr. Hisham Ramez, former CBE Deputy Governor, will be leading the Institutional and Consumer Businesses in addition to overseeing the COO area, while Mr. Hisham Ezz Al-Arab will be overseeing the regulatory departments with special focus on the bank's strategic issues in his capacity as Chairman and Managing Director.

In the context of implementing the bank's future ambitious plans to expand its businesses in all banking fields, Mr. Ramez's vast banking experience will be a great value added. Mr. Ramez hardly needs any introduction for his long track record and contribution. Given the introduction of the new framework of the strong Corporate Governance system that segregates between running the day to day business and managing the regulatory departments, this decision came into effect. This reflects the bank's leadership and willingness to apply the best governance policies within the Egyptian market. CIB consistently works hard to establish and embrace international corporate governance best practice which was also urged by the CBE's recent directives highlighting the importance of improving the governance systems that Egyptian banks follow. In addition to adopting principles and practices that would ensure better protection and long-lasting balance between the interest of banks and stakeholders         .

 

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