Commercial International Bank (CIB) issued a press release stating that Hisham Ramez, previous Central Bank of Egypt (CBE) Governor, will no longer join CIB as CEO. He was appointed to the role in February 2016, but the appointment had not been approved nor rejected by CBE. Hisham Ramez will now be joining Arab International Bank as Chairman.   Hisham Ezz El Arab will, therefore, remain in his current position as CIB Chairman and CEO. CBE had said a few weeks ago that it would be imposing nine-year cap to the mandate of CEOs at Egyptian banks, but following several lawsuits filed by private investors, CBE is now seemingly changing its approach and recommending banks to limit the mandate of CEOs as opposed to imposing a cap officially. Therefore, we should not expect any short-term changes at CIB’s management. (CIB press release, Elena Sanchez-Cabezudo, Rajae Aadel)   CIB: EGP45.61 as of 27 April 2016, Rating: Neutral, FV: EGP46.38 per share, MCap: USD5,892 million, COMI EY / COMI.CA