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Tuesday, 26 April 2016

Hisham Ramez appointed AIB Chairman, won’t be returning to CIB after all?

Hisham Ramez may not become the next managing director of CIB. Prime Minister Sherif Ismail issued a decree on Sunday appointing Egypt’s representatives to the Arab International Bank (AIB), with Hisham Ramez presented as the candidate to become the bank’s chairman, Reuters reports. Ramez, who stepped down as central bank governor last fall, was poised to return to CIB, where he was to have become the bank’s deputy chairman and managing director in charge of day-to-day operations, according to a statement from the bank. At the time of Ismail’s announcement, CIB had yet to receive the CBE’s clearance on Ramez’s appointment. The prime minister also appointed CBE Deputy Governor Gamal Negm to AIB’s board and Banque Misr Chairman Mohamed Barakat as deputy chairman and CEO, Daily News Egypt added. (Barakat was not among those we figured would be turfed from office under the recently imposed CBE term limits.) The AIB was established in 1974 under an international treaty concluded by Egypt, Libya, Oman, Qatar, and the UAE, aiming to “carry out all the banking, financial and commercial activities related to the projects of economic development and foreign trade, especially for the interest of the member states, other countries and the Arab countries.”

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