Bloomberg News

Ramez to Join Commercial International Bank as Vice Chairman

December 01, 2011

(Updates with details of appointment in second paragraph.)

Dec. 1 (Bloomberg) -- Hisham Ramez, a former Egyptian central bank deputy governor, will join Commercial International Bank SAE as vice chairman and managing director, the bank said.

Ramez will head the institutional and consumer businesses at Egypt’s biggest publicly traded bank and Hisham Ezz Al-Arab, chairman and managing director, will oversee the regulatory departments with special focus on strategic issues, Cairo-based Commercial International said in a Regulatory News Service statement today.

Ramez will start at Commercial International as soon as the appointment is cleared by the Central Bank of Egypt, the bank said.

Shares of Commercial International Bank gained 0.8 percent to 23.25 Egyptian pounds at the close in Cairo yesterday, valuing the bank at 13.7 billion pounds ($2.28 billion).

--Editors: James Kraus, Shanthy Nambiar

To contact the reporter responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

To contact the editor responsible for this story: Riad Hamade at rhamade@bloomberg.net


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