Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) announced the new board of directors headed by Sherif Samy as a Non-Executive Chairman.

The bank said that Hisham Ezz El-Arab resigned from his position as a Chairman and Managing Director following a probe by the Central Bank of Egypt (CBE), according to a bourse disclosure on Monday.

In addition, Paresh Sukthankar has been appointed as a Non-Executive Board Member by Fairfax Financial Holdings Ltd which owns a total of 6.55% of the bank, replacing Bijan Khosrowshahi who stepped down after concluding six years of service.

During the first half (H1) of 2020, the bank reported net profits of EGP 4.997 billion, down from EGP 5.35 billion in the prior-year period, including minority shareholders’ rights.