Reference to the Bank's release dated September 22nd regarding Mr. Jay-Michael Baslow' acceptance of his nomination to join CIB's Board of Directors as a non-executive, independent Board member, CIB would like to announce that the Board of Directors has ratified Mr. Baslow's appointment in its meeting today.
Furthermore, and after concluding six years of service on the Board, Mr. Bijan Khosrowshahi will step down as non-executive director, in compliance with the CBE's decision in accordance to the corporate governance directives. The Bank's Executive Management and Board of Directors would like to extend their sincerest appreciation and gratitude for his valued guidance and contributions to the success of CIB during a time of tremendous change.
Fairfax Financial Holdings Ltd has selected Mr. Paresh Sukthankar – non-executive Board member- to represent its interests in CIB, through its wholly-owned subsidiaries which collectively own a total of 6.55% of the Bank, subject to the Central Bank of Egypt (CBE)'s approval on the matter.
The Board of Directors will advise the General Assembly with the changes in the Board structure in its first upcoming meeting.