CAIRO, Oct. 22 (Xinhua) -- The Central Bank of Egypt (CBE) dismissed on Thursday chairman of the Commercial International Bank (CIB), a leading private sector bank in the country, over what CBE sees as "financial crimes."
In a letter sent to the CIB, the central bank informed its CEO Hussein Abaza of the decision to sack CIB's chairman and managing director Hisham Ezz Al-Arab over major deficiencies in the internal supervision of CIB and other financial malpractices "which caused huge financial losses to the bank."