It was late in the afternoon when Hesham Ezz El Arab, the current Chairman and managing director of
3200 WordsApr 23, 201913 Pages
It was late in the afternoon when Hesham Ezz El Arab, the current Chairman and managing director of CIB, had to make an urgent decision that will be announced in Board of Director’s annual meeting the next day. In front of him was paper work that showed the different alternatives that the board had previously negotiated in a recent meeting on which business model it must adopt to penetrate the market and reach its main mission of “consumer banking”.
The Commercial International Bank (CIB), was first established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt”. Following Chase's decision to divest its equity stake in…show more content…
Through our innovative products, focus on superior customer service, development of staff and commitment to our community, we will realize our ambitions and pave the landscape of banking in Egypt for years to come.”
CIB’s Corporate Governance is constructed on the basis to ensure that both timely and accurate disclosure occurs with respect to the ownership, operations and strong financial performance.
Within CIB, The Board of Directors (BOD) (see exhibit 1) is responsible for providing leadership and guidance in terms of a providing a strong strategy and controls to deliver value to all stakeholders; shareholders, employees and the entire community included. The BOD includes Mr. Hisham Ezz Al-Arab as Chairman and Managing Director, whom joined the CIB team in 2002. The board is divided into eight separate committees; Audit Committee, The Governance and Compensation Committee, The Risk Committee, The Management Committee, The High Lending and Investment Committee, The Affiliates Committee (AC), Sustainability Advisory Board and The Operations and IT Committee. Each committee is responsible for a specific function (see exhibit 2).
CIB incorporates six main values to ensure effective