Back to the complete issue
Wednesday, 23 November 2022

Hisham Ezz Al Arab is back on the board at CIB

Our friend Hisham Ezz Al Arab is back home: CIB’s former chairman and managing director Hisham Ezz Al Arab (LinkedIn) is back on the bank’s board of directors after being appointed a non-executive director with the Central Bank of Egypt’s blessing, the bank said in a statement yesterday.

Ezz Al Arab was forced by the previous governor of the central bank to step down from the board two years ago. Since the resignation of Tarek Amer as CBE governor earlier this year, Ezz Al Arab’s relationship with the central bank has taken a 180° turn — he has served as an advisor to governor Hassan Abdalla since late August.

All of this was good for CIB’s share price: CIB shares closed 1.5% higher at EGP 38.05 at the end of yesterday’s trading session.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.