When Hisham Ezz Al-Arab was reappointed as CEO of Commercial International Bank (CIB) Egypt in November 2024, it marked the next step of a 20-plus year leadership journey. His earlier tenure from 2002 to 2020 had turned CIB from a modest wholesale lender into a full-service institution widely regarded as the country’s most progressive and profitable private-sector bank. But that first chapter in 2002 began with a twist of fate.
“I never planned to come back,” he says from his plush office in Cairo, recalling his unexpected return to Egypt after years working in London. “I had sent my two sons to middle school here so they could learn Arabic before continuing their education in the UK, so I was travelling back and forth regularly.” Then he got the call from the chairman at CIB, offering the top executive position. “I was surprised and initially reluctant,” he recalls, not wanting to walk out on his high-powered position in London. But he eventually accepted, safe in the knowledge that he could return to his previous job in a year if things did not work out at CIB.
That decision proved pivotal. Confronted with structural challenges but sensing latent potential, Al-Arab moved quickly to reform governance. “The timing was perfect,” he says. “We were already ahead of the sector in key areas such as liquidity and non-performing loans. This positioned us to support the Central Bank of Egypt (CBE) during its own sector-wide overhaul that soon followed.”
Blueprint for sector reform
CIB’s transformation under Al-Arab’s leadership has consistently positioned the bank ahead of regulatory trends. The removal of the National Bank of Egypt’s remaining 19% stake early in his tenure – a move he saw as essential for good governance – set a precedent in the Egyptian banking sector. By orchestrating a strategic exit and bringing in a private equity consortium led by Ripplewood Holdings in 2006, CIB not only strengthened its independence but also became a model for governance-led privatisation in Egypt.
You don’t trial and error your way through transformation – you act decisively
Hisham Ezz Al-Arab
That transformation was accompanied by internal reforms in risk, corporate culture and data governance, many of which pre-empted CBE mandates. Al-Arab was selected to advise the CBE on national banking reforms and served as chairman of the Federation of Egyptian Banks from 2013 to 2020.
His strong track record of moving ahead of market trends has defined his tenure at CIB. “If you understand the global trends, you can prepare early and shape your destiny. Wishful thinking doesn’t work – a regulatory change will come eventually, and if you’re not ready, you’ll be forced into panic.”
First-mover mindset
This philosophy of anticipatory leadership defines Al-Arab’s approach. From digital transformation to environmental, social and governance (ESG), cybersecurity and financial inclusion, he has consistently been a first mover. “We don’t have a crystal ball,” he says. “But we spend time understanding the trends, and we bring in the right talent. You don’t trial and error your way through transformation – you act decisively.”
This forward-looking stance has delivered concrete results. CIB’s average market capitalisation has surged more than 13,000% since 2002, from EGP1.8 billion ($36.4 million) to EGP244.1 billion in 2024. During the past decade, CIB has led Egypt’s banking sector in digital adoption. In 2024 alone, mobile banking transactions surged 59% year-on-year, reaching EGP552 billion. The number of online banking customers increased by 25%, while digital channels accounted for 61% of all new accounts opened. Traditionally branch-based services such as time deposits have also gone digital, with customers booking EGP28 billion-worth of certificates of deposit and time deposits online – a 167% increase from the previous year.
CIB is now laying the groundwork for the next digital frontier, including greater use of artificial intelligence, behavioural analytics and cloud-native platforms to personalise client journeys and enhance operational agility.
Even in times of crisis, Al-Arab stayed focused on long-term opportunities. During Egypt’s 2011 revolution, while many banks pulled back, CIB took the contrarian view and expanded – buying branches and administrative buildings at steep discounts and continuing to train and hire staff. “The key is not to panic, because the panic will kill you,” he says. “Everyone else saw a country in decline in 2011. I saw a country that would recover in five years, and I wanted to capitalise on the long-term potential.”
Renewal and purpose
That leadership journey was briefly interrupted in 2020, when Al-Arab stepped down as chairman and managing director following a dispute with the then CBE governor. He returned as chairman in 2023 and was reappointed CEO in 2024 – a move that signalled renewed confidence from the board and regulators.
We didn’t pursue gender diversity because it was trendy. We did it to enrich internal discussions and decision-making processes. The same with sustainability – it just makes sense
Hisham Ezz Al-Arab
Meritocracy has always been a central theme in his leadership mindset and he is a firm believer in delegation – but not the hands-off kind. “Delegation takes energy,” he explains. “You must follow up, challenge and guide – without micromanaging. Emotional intelligence is crucial. People must feel your presence without feeling suffocated.”
This culture has proved self-reinforcing. Trust in leadership has enabled CIB to make bold moves, even when staff were initially sceptical. Over time, a deep-rooted belief in institutional purpose has taken hold. Nowhere is this more evident than in CIB’s approach to sustainability and inclusion.
ESG by conviction, not compliance
CIB was the first bank in Egypt to issue a green bond and to be included in the FTSE4Good Sustainability Index, and the first Arab and African company included in the Bloomberg Gender Equality Index in 2019. But for Al-Arab, these accolades are byproducts of commitment. “We didn’t pursue gender diversity because it was trendy,” he says. “We did it to enrich internal discussions and decision-making processes. The same with sustainability – it just makes sense, and we started our sustainability journey long before any regulatory requirements were introduced. Why waste water and electricity when you can be more efficient and responsible?”
That conviction is matched by execution. In 2024, CIB secured green economy financing from the European Bank for Reconstruction and Development and Green Climate Fund, introduced ESG products tailored to SMEs in resource-intensive sectors and conducted decarbonisation audits for 20 clients. Its climate risk-management framework now includes sector-specific emissions targets and scenario analyses.
Internally, ESG is woven into corporate structure. The board is 46% independent and includes the bank’s first female non-executive chair. Diversity initiatives such as Women@OPS and the Retail Women Accelerator trained more than 180 female employees in 2024, while disability inclusion programmes have placed 160 differently abled individuals in meaningful roles at the bank.
Beyond borders
Al-Arab’s long-term vision extends beyond Egypt. In 2023, CIB became the first Egyptian bank to acquire a sub-Saharan African institution, purchasing the remaining 49% shares in Mayfair Bank in Kenya after acquiring a 51% stake in 2020. “Kenya is a regional trade hub and we see it as a base to serve surrounding markets,” he says. “You don’t need bricks and mortar in every country – just a smart hub-and-spoke model.” As Egypt positions itself for greater continental economic integration, CIB’s East Africa expansion is viewed as a strategic platform facilitating intra-African trade and regional investment flows.
The transformation of CIB Kenya is already under way, with a multi-level turnaround plan in progress to establish it as a sustainable regional business platform.
Legacy of purpose
Al-Arab puts the CIB Foundation at the top of his achievements. Founded in 2010, it has provided medical care to more than 7.4 million children in Egypt. It is funded through 1.5% of the bank’s annual profits – a commitment enshrined in CIB’s bylaws and embraced by staff, many of whom donate part of their bonuses voluntarily.
“If there’s one thing I want to be remembered for, it’s this,” he says. “Not just for what we’ve built as a bank, but for what we’ve given back to society.”
As Al-Arab charts the next phase of CIB’s journey, the philosophy that underpins it remains clear: act early and build institutions that outlast individuals. In an era of disruption and short-termism, that mindset may be his most enduring contribution of all.
