The crisis of the largest bank in Egypt .. Is there a concern about customer deposits?


In an exclusive interview with Sky News Arabia with the new president of the Egyptian Commercial International Bank, Sherif Sami, the Commercial International Bank, the largest private bank in Egypt, confirmed that its board chairman, Hisham Ezz Al-Arab, had left his post after the Central Bank of Egypt issued a decision to remove him.

Sherif Sami confirmed to “Sky News Arabia” that the members of the administration met with the governor of the Central Bank to discuss recent developments and to know the type of violations committed.

Sami explained that the Central Bank confirmed the strength and strength of the financial position of the Commercial International Bank, and that there is no risk of depositors in the bank, and that the Central Bank will issue a detailed report on the violations that occurred at a later time.

He said that the governor of the Central Bank “affirmed his confidence in the new management and confirmed the strength of the commercial bank’s financial position, indicating that the bank’s executive work team is as it is and at its head.”

Sami told Sky News Arabia: “We were keen to fully disclose all decisions for transparency … and we met with the governor of the Central Bank to clarify the violations.”

Sami added, in his statement to Sky News Arabia, that the Central Bank “will provide us with a detailed report on the violations.”

On the bank’s business plans, Sherif Sami assured Sky News Arabia that the Commercial Bank is continuing with its expansion plans and achieving financial inclusion and there is no change to the bank’s business strategy.

The Chairman of the Bank’s Governance Committee, Sherif Sami, was appointed as a non-executive Chairman of the Commercial International Bank.

This comes after the Central Bank issued a statement that included what was described as grave breaches in the Commercial International Bank, in addition to the severe weakness in the supervision and credit follow-up procedures and the deficiency in the internal control environment, which resulted in huge financial losses.

The Commercial International Bank undertook to prepare a plan that includes corrective measures to remedy the supervisory notes of the central bank, especially with regard to internal control, credit risks and banking operations.

The Central Bank stressed that it would not hesitate to intervene to protect depositors’ funds in Egyptian banks.

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