CIB Gains in Cairo After Central Bank Approves Ramez Appointment

Commercial International Bank gained the most in almost a week after the central bank approved the appointment of Hisham Ramez as vice chairman and managing director at the biggest publicly traded bank in Egypt.

The shares rose as much as 3 percent to 21.20 Egyptian pounds before closing at 20.71 pounds at 2:30 p.m. in Cairo, valuing the bank at 12.3 billion pounds ($2 billion).

Ramez, who was the deputy central bank governor, will start at his new job tomorrow, Cairo-based Commercial International, also known as CIB, said in a regulatory filing.