{"id":575709,"date":"2020-10-25T04:15:15","date_gmt":"2020-10-25T04:15:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator\/"},"modified":"2020-10-25T04:15:15","modified_gmt":"2020-10-25T04:15:15","slug":"central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator\/","title":{"rendered":"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of probe by regulator"},"content":{"rendered":"

<\/a> Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz <\/strong>Al Arab steps down in wake of regulatory probe. <\/strong>Long-time CIB Chairman and Managing Director Hisham Ezz Al Arab resigned on Friday after the Central Bank of Egypt (CBE) said an audit found \u201cregulatory, compliance and governance concerns.\u201d<\/strong> CIB said in a statement (pdf)<\/a> that it had been informed by letter on Thursday that the CBE\u2019s board had ordered Ezz Al Arab to leave his post effective immediately, invoking a clause in the newly-passed Banking Act<\/a>.<\/p>\n

The central bank said an audit had found \u201cgross violations\u201d<\/strong> of banking regulations, according to a copy of the letter picked up by the domestic press<\/a>. The audit found \u201csevere weaknesses in regulating the issuing and monitoring of credit\u201d as well as \u201cserious shortcomings in the bank\u2019s internal regulatory environment\u201d that had had a financial cost to the bank. The letter described the violations as \u201cfinancial crimes.\u201d Some findings \u201cput the safety and reputation of the entire banking sector at risk,\u201d it said.<\/p>\n

\u201cThere is no gap in the balance sheet,\u201d<\/strong> CEO Hussein Abaza said on a call with investors on Friday night, explaining that auditors from the central bank had been at CIB since fall 2019. Separately, CIB\u2019s financials are reviewed every quarter by <\/strong>PwC and Deloitte<\/a><\/strong>, two independent international auditors.<\/p>\n

The central bank said in <\/strong>a statement to Bloomberg<\/a><\/strong> on Friday evening that CIB \u201cremains <\/strong>prudentially sound and depositors\u2019 funds are fully secure.\u201d <\/strong>The CBE said that \u201cwith [the] appointment of a new CIB chairman and the existing board, the bank \u2018should be well-placed\u2019 to work on addressing \u2018regulatory, compliance and governance concerns that have been communicated to CIB on several prior occasions.<\/strong>\u2019\u201d The central bank added in a statement (pdf)<\/a> yesterday that CIB\u2019s board will \u201cprepare a plan to remedy regulatory notes of the Central Bank, in particular with regard to internal control, credit risk and banking operations.\u201d<\/p>\n

Central bank offers \u201cfull backing\u201d to CIB: <\/strong>CBE Governor Tarek Amer said in the statement on Saturday that CIB\u2019s board and management would have the full backing of the central bank to help them protect the bank\u2019s financial standing and safeguard depositors\u2019 funds. CIB confirmed that Amer had met with the non-executive members of CIB\u2019s board on Thursday afternoon.<\/p>\n

CIB promised it would take corrective measures:<\/strong> \u201cThe board takes regulatory findings very seriously and confirms it will review and investigate, in coordination with the bank\u2019s external auditors, all the issues identified by the central bank in its latest review,\u201d it said in a statement.<\/p>\n

CIB expects to receive the audit findings as early as this morning<\/strong>, and Abaza told investors that management and the board would work with the CBE to \u201credress any shortcomings \u2014 audit and compliance are an area in which we\u2019ve put significant investment and where we won\u2019t hesitate to invest more.\u201d Abaza said the bank had hired last year a new head of compliance, approved by the central bank.<\/p>\n

Ezz Al Arab announced his formal resignation in a <\/strong>Facebook post<\/a><\/strong>, explaining that he had planned to step down in 2019 after a 20-year run, but had been asked by a number of shareholders to stay on for a year, which has now nearly passed. \u201cHisham helped build an institution, it has never been a one-man show<\/strong>,\u201d Abaza told investors. \u201cYou know many of us in management \u2014 sooner or later, we will all leave and it is never going to be about a single person.\u201d<\/p>\n

So, who\u2019s now in charge at CIB? <\/strong>CIB\u2019s Board of Directors unanimously voted to appoint former regulator, consultant and entrepreneur Sherif Samy (LinkedIn<\/a>) as the bank\u2019s next non-executive chairman. Samy joined CIB\u2019s board in March 2020 and is a former head of the Financial Regulatory Authority (known at the time as EFSA) who has also sat on the board of the CBE, on the central bank\u2019s Monetary Policy Committee, and on the board of GAFI.<\/p>\n

Samy also has a long history of service on corporate boards<\/strong> ranging from mobile network Orange Egypt to GB Capital, Banque du Caire and Al Ahli Financial Investments. The CBE has approved Samy\u2019s appointment. <\/strong><\/p>\n

Abaza has added the title and duties of managing director<\/strong> to his job description, a senior official at CIB told us. With that, CIB <\/strong>has<\/strong> split the offices of chairman and MD<\/strong>, a shift the central bank has long sought to implement system-wide alongside limits on how long any one person could hold the office of managing director.<\/p>\n

Who does what? <\/strong>Abaza is in charge of building and growing the bank while Samy provides oversight and governance on behalf of the board. The bank\u2019s audit and compliance functions all report to the board<\/strong>, and it is best practice globally that control functions should report via a non-executive chairman who is not involved in the day-to-day running of the bank as managing director as well as to a non-exec head of the audit committee. Like Ezz Al Arab before him, Samy will not sit on the bank\u2019s investment, lending or management committees<\/strong>.<\/p>\n

CIB shares should resume trading this morning<\/strong>,state-run MENA news agency said<\/a>. The FRA ordered the bank\u2019s EGX-listed shares not be traded on Thursday<\/a>. The bank\u2019s global depositary receipts in London were battered Thursday and plunged further on Friday before rallying. From Wednesday\u2019s close of USD 4.23, the GDRs fell to USD 3.50 at Thursday\u2019s close and hit an intra-day low of USD 1.77 on Friday before surging to close at USD 4.00 on unprecedentedly high volumes, according to LSE market data<\/a>.<\/p>\n

But don\u2019t expect a share buyback: <\/strong>Egyptian banks aren\u2019t allowed to buy back their own stock to prop up share prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of regulatory probe. Long-time CIB Chairman and Managing Director Hisham Ezz Al Arab resigned on Friday after the Central Bank of Egypt (CBE) said an audit found \u201cregulatory, compliance and governance concerns.\u201d CIB said in a […]<\/p>\n","protected":false},"author":1,"featured_media":575710,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[240,72,2307,2506,2380,927],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-cib","tag-enterpriseam","tag-hisham-ezz-al-arab","tag-hussein-abaza","tag-speed-round","tag-tarek-amer","wpautop","entry"],"acf":{"mongo_id":"17847e29-9c0f-43ba-a6e6-a84a525dcc22","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/254.jpg","photo_position":"above","related_issue":[575704],"teaser":"","voice_url":""},"yoast_head":"\nCentral bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of probe by regulator - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/25\/central-bank-says-cib-remains-prudentially-sound-depositor-funds-are-secure-as-ezz-al-arab-steps-down-in-wake-of-probe-by-regulator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of probe by regulator\" \/>\n<meta property=\"og:description\" content=\"Central bank says CIB \u201cremains prudentially sound,\u201d depositor funds are secure as Ezz Al Arab steps down in wake of regulatory probe. 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Representatives of the country\u2019s leading private sector bank sat down with Central Bank of Egypt (CBE) officials on Monday to look into the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/293.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/08\/cib-chairman-hisham-ezz-al-arab-on-economic-reform-financial-inclusion\/","url_meta":{"origin":575709,"position":2},"title":"CIB Chairman Hisham Ezz Al Arab on economic reform, financial inclusion","author":"enterpriseam admin","date":"8 April 2019","format":false,"excerpt":"Egypt\u2019s economic reform program is finally beginning to bear fruit as confidence and investment levels increase, our friend CIB Chairman Hisham Ezz Al Arab told The Banker. \u201cConfidence is growing, as reflected in the IMF\u2019s and rating agencies\u2019 positive economic outlooks,\u201d he says. \u201cPerhaps most significantly, lowered interest rates have\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/10\/517.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568055,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/you-can-breathe-now\/","url_meta":{"origin":575709,"position":3},"title":"You can breathe now","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"Leading private-sector commercial bank CIB reported net income of EGP 2.35 bn for 3Q2020 as it released its first set of financial results after CIB Chairman Hisham Ezz Al-Arab left office in the wake of a probe by the Central Bank of Egypt that found \u201cregulatory, compliance and governance concerns.\u201d\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/287.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622871,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/hisham-ezz-al-arab-on-cibs-leadership-of-the-banking-sectors-tech-revolution\/","url_meta":{"origin":575709,"position":4},"title":"Hisham Ezz Al-Arab on CIB\u2019s leadership of the banking sector\u2019s tech revolution","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"Hisham Ezz Al-Arab on CIB\u2019s leadership of the banking sector\u2019s tech revolution: Investing in technology and big data is the way forward for the banking sector and Egypt\u2019s financial inclusion drive, our friend CIB Chairman Hisham Ezz Al-Arab tells the Banker. \u201cThe bank is likely to benefit from its ongoing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575748,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/26\/institutional-investors-research-houses-hold-the-line-on-cib\/","url_meta":{"origin":575709,"position":5},"title":"Institutional investors, research houses hold the line on CIB","author":"enterpriseam admin","date":"26 October 2020","format":false,"excerpt":"Institutional investors, research houses hold the line on CIB amid selling pressure from retail investors following Ezz Al Arab\u2019s resignation. 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