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CIB probes CBE concerns over violation crisis

CIB probes CBE concerns over violation crisis

ArabFinance: Commercial International Bank  (CIB) (COMI) held a meeting on October 26th with the Central Bank of Egypt (CBE) to probe the violations that came in CBE’s audit, according to a recent statement.

The audit found severe weaknesses in regulating the issuing and monitoring of credit as well as serious shortcomings in the bank’s internal regulatory environment that had had a financial cost to the bank, according to a copy of the letter picked up by the domestic press. The letter described the violations as financial crimes.

Accordingly, CBE discharged the Chairman and Managing Director of CIB-Egypt Hisham Ezz Al Arab.

Fitch Ratings earlier affirmed CIB’s long-term issuer default rating at B+, with a negative outlook.

CIB provides banking services across the country through more than 200 branches and units. The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.

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