Ezz al-Arab, 46, has been with CIB since February 1999 when he joined the bank as deputy managing director, replacing – at a more junior level – the departing Adel el-Labban in the bank’s management triumvirate. Prior to joining CIB, Ezz al-Arab had spent 14 years working in London for Deutsche Bank, JP Morganand Merrill Lynch(MEED 23:8:02).

Two other key appointments have been made. Mohamed Ashmawy has been appointed vice-chairman: he was previously senior general manager, retail banking and branches. Sahar el-Sallab has been promoted to the position of managing director: she previously served as senior general manager, risk exposure.

‘These changes are good moves which show that the Central Bank of Egypt is heading in the right direction in terms of encouraging the appointment of high calibre people to top banking positions,’ says a senior banker in Cairo.