CIB board shuffle in the works: The Commercial International Bank (CIB) is overhauling its board of directors, introducing several key changes pending regulatory approvals, according to an EGX disclosure(pdf).

Here’s a breakdown of the new board:

  • Hisham Ezz Al Arab (LinkedIn) was appointed as the bank’s CEO and board member. Ezz Al Arab is taking over from Hussein Abaza, who served as the lender’s CEO since 2017. Ezz Al Arab has been CIB’s non-executive chairman since December 2022.
  • Neveen Sabbour (bio) will replace Ezz Al Arab as non-executive chairman, becoming the first woman to chair the lender’s board. Sabbour is currently on the boards of several institutions, including credit rating agency Meris and the Holding Company for Metallurgical Industries. She first joined the lender as a non-executive director in March last year.
  • Amr El Ganainy (bio) is assuming the executive director post on the lender’s board, in his capacity as deputy CEO — he was named deputy CEO and managing director last October.
  • Veteran banker Tony Prestedge (LinkedIn) is becoming executive advisor to the banks’ board of directors.
  • The lender’s CFO Islam Zekry (LinkedIn) will become executive director to the CIB board of directors.

What’s next for Abaza? The lender’s CEO will depart his position for a three-year stint at Banque du Caire as its CEO, he told Asharq Business. Abaza will take over from Tarek Fayed who has been the state-owned bank’s chairman and CEO since January 2018.

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