Hisham Ezz Al-Arab announces resignation from CIB

Former chairman and Managing director of CIB Hisham Ezz Al-Arab, dismissed by the Central Bank of Egypt just yesterday, announced his resignation in a post published  on his facebook page. 

Ezz Al-Arab said:” In my 21 years of service to CIB, we have built an institution, growing its market capitalization to more than USD 6 billion from USD 150 million and being acknowledged in the process as the best bank in global emerging markets in three of the past four years.” 

“In the twilight of this long, successful career, I had planned to step down as chairman and managing director last year, but was at the time asked by a number of shareholders to carry on for another 12 months. That year has now nearly passed.” 

He added:” In view of the current situation with the Central Bank of Egypt, I have decided the time has come to end my journey with CIB.” 

“I have made great friends over these years — I will cherish them as I do the love I have been shown by my colleagues.” 

“I view my role in helping create an icon of the financial industry and of the Egyptian Exchange as part of my service to our great nation, and I leave office today secure in the knowledge that I have always lived in accordance with my values, including honesty and decency.”