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Egypt's CIB Appoints Chairman Ezz al-Arab as CEO

A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
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Egypt's CIB Appoints Chairman Ezz al-Arab as CEO

A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)
A general view shows Tahrir Square following the coronavirus outbreak in Cairo, Egypt July 13, 2020. (Reuters)

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.

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Goldman Sachs, Citigroup Cut China's 2024 Growth Forecast

Citizens in the Chinese city of Shanghai follow repairs to power line in the aftermath of Typhoon Bebinca in Shanghai, China (AFP)
Citizens in the Chinese city of Shanghai follow repairs to power line in the aftermath of Typhoon Bebinca in Shanghai, China (AFP)
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Goldman Sachs, Citigroup Cut China's 2024 Growth Forecast

Citizens in the Chinese city of Shanghai follow repairs to power line in the aftermath of Typhoon Bebinca in Shanghai, China (AFP)
Citizens in the Chinese city of Shanghai follow repairs to power line in the aftermath of Typhoon Bebinca in Shanghai, China (AFP)

Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, after the world's second-largest economy's industrial output slowed to a five-month low in August.

Weak economic activity in August has ramped up attention on China's slow economic recovery and highlighted the need for further stimulus measures to shore up demand.

The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5%.

Goldman Sachs earlier expected full-year growth for the economy at 4.9%, while Citigroup had forecast growth at 4.8%.

China's industrial output in August expanded 4.5% year-on-year, slowing from the 5.1% pace in July and marking the slowest growth since March, data from the National Bureau of Statistics (NBS) showed on Saturday.

Goldman Sachs said in a note dated Sept. 15, “We believe the risk that China will miss the 'around 5%' full-year GDP growth target is on the rise, and thus the urgency for more demand-side easing measures is also increasing.”

The bank maintained the country's 2025 GDP growth forecast at 4.3%.

However, Citigroup on Sunday trimmed its 2025 year-end forecast for China's GDP growth to 4.2% from 4.5% due to a lack of major catalysts for domestic demand.

“We believe fiscal policy needs to step up to so as to break the austerity trap and timely deploy growth support,” economists at Citigroup said.

In a separate development, PricewaterhouseCoopers (PwC) is making “tangible investments” to ensure the Big Four firm has high quality and sustainable business in China, it said in a memo to staff after Chinese regulators on Friday hit the company's mainland unit with a record penalty.

PwC Zhong Tian LLP was hit with a six-month suspension and a record fine of 441 million yuan ($62 million) on Friday over the firm's audit of failed property developer China Evergrande Group .