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Change in CIB's Board of Directors

9/10/2019 10:00 AM

CAIRO – October 8th, 2019 

CIB is pleased to announce the appointment of Mr. Paresh Sukthankar and Mr. Rajeev Kakar as independent non-executive directors of the Board, effective today. Both gentlemen bring extensive banking expertise and knowledge to the table, coupled with a long and reputable track-record of achievements and successes.

Mr. Paresh Sukthankar brings in more than 30 years of experience in banking, as he started his professional career with Citibank – India, in 1985 before moving to HDFC Bank -one of India’s leading private banks- in 1994. Throughout more than 20 years with HDFC, Mr. Sukthankar has assumed many roles before serving as HDFC’s Deputy Managing Director from 2014 until 2018. Mr. Sukthankar is currently a Lead Partner in Sanaksh Advisors, a firm that offers advisory and consultancy services to companies operating in various economic sectors.

Mr. Rajeev Kakar is a seasoned banker, business founder, and entrepreneur who has over three decades of expertise in financial services –especially in retail and SME banking- across multiple global markets such as China, India and CEEMEA countries. Mr. Kakar served as Citibank’s Regional CEO and Division Executive for Turkey, Middle East and Africa from 2003 until 2006 before founding Dunia Finance, a non-bank finance company, in which he served as the Managing Director and CEO until 2018. Mr. Kakar is also a co-founder of Fullerton Financial Holdings, a global company that invests in creating emerging market financial institutions, in which he served as Executive Vice President and Global Head of Consumer Banking from 2006 until 2017.

In compliance with the Central Bank of Egypt’s (CBE) decision in accordance to the corporate governance directives, both Mr. Yasser Hashem and Dr. Sherif Kamel are stepping down as non-executive directors. Their departures come as they have concluded six years of service on the Board, throughout which the Bank believes they have been instrumental in CIB’s transformation and success. CIB’s Board of Directors, Executive Management and employees wish to extend their greatest appreciation and deep gratitude to both gentlemen for their valued guidance, commitment and dedication. 

With their departure and the new additions, CIB’s board will comprise nine directors-including seven non-executives, six of whom are independent directors- enjoying significant diversity, leadership, skills, operating experience and professionalism in a broad set of industries. 

The Board will advise the General Assembly with the effected changes in its first upcoming meeting.