27/10/2020 12:00 AM
Cairo October 27th, 2020
Reference to CIB's release issued on October 23rd, 2020 which stated that the bank was waiting to receive the CBE's findings, Commercial International Bank -CIB - Egypt would like to state that a meeting was held yesterday with the Central Bank officials to discuss the CBE's main findings and the violations that were included in their latest review and accordingly identify necessary enhancements to be made as required on the Compliance and Internal Audit fronts.
Furthermore, several meetings were conducted today with the Bank's executive management in coordination with the Bank's External Auditors to review in detail all issues identified in CBE's review and assess their impact and/or identify necessary corrective actions needed. Dedicated task forces have been formed to address these issues.