– CIB Egypt appoints Hisham Ezz al-Arab as its new CEO, replacing Hussein Abaza, with a tenure set for three years.

– Neveen Sabbour steps in as the new chairman of CIB, as part of the bank’s strategic transformation efforts.

– Ezz al-Arab’s return follows his 2020 resignation due to “compliance concerns” raised by Egypt’s Central Bank, marking a notable leadership reshuffle.

Commercial International Bank (CIB), Egypt’s largest private bank, has reappointed its long-serving chairman and former CEO, Hisham Ezz al-Arab, as chief executive, according to a statement.

Board member Neveen Sabbour will succeed him as chairman, while Ezz al-Arab takes over from outgoing CEO Hussein Abaza for a three-year term.

These leadership changes are part of CIB’s broader efforts to drive its multifaceted business transformation and continue its program to nurture recognized future leaders.

Ezz al-Arab, who had served as chairman and managing director since 2002, was asked to step down in October 2020 due to “compliance concerns” raised by the central bank.

After a leadership shuffle, including the resignation of Central Bank Governor Tarek Amer in August 2022, Ezz al-Arab was brought back as chairman in December of that year.