Commercial International Bank (CIB), Egypt's biggest private bank, has appointed long-serving chairman and former CEO Hisham Ezz al-Arab as its chief executive, it said in a statement on Monday.
Board member Neveen Sabbour will replace him as chairman, the statement said. Ezz al-Arab replaces current CEO Hussein Abaza and will occupy the position for three years, according to Reuters.
The new appointments are part of a process "to lead the bank's multifaceted business transformation and continue its program to support recognized potential future leaders," the statement said.
Ezz al-Arab, chairman and managing director since 2002, was ordered to step down in October 2020 by the central bank, which cited "compliance concerns".
The central bank governor at the time, Tarek Amer, resigned in August 2022 during a currency crisis, a year before his term ended. Ezz al-Arab was asked to return as chairman in the December that followed.
