Cairo – Mubasher: The Commercial International Bank - Egypt (CIB) said that the audit committee will appoint an independent international professional services company to conduct an in-depth review of the bank’s controls and lending functions as directed by the non-executives directors.

The review will not only cover the areas reviewed by the Central Bank of Egypt (CBE) in the limited review inspection, but will also extend to improve the bank’s regulatory compliance and controls, according to a statement on Wednesday.

In October, the CBE agreed on a resolution to discharge Hisham Ezz El-Arab from his position as the Chairman of CIB.

Then, the CIB approved the appointment of Sherif Samy as a Non-Executive Chairman and said it would prepare a corrective plan to remedy the violations found by the CBE.

During the first nine months of 2020, CIB logged net profits of EGP 7.34 billion, compared to EGP 8.53 billion in the yar-ago period, including minority shareholders’ rights.