The cabinet resolved the controversy surrounding the presidency for the Principal Bank for Development and Agricultural Credit (PBADC) and issued a decision on 20 March appointing Alsayed El-Kosayer as chairman of the bank for a period of 3 years.
El-Kosayer currently serves as chairman of the Industrial Development & Workers Bank of Egypt (IDBE), a position he has held since 25 September 2011.
El-Kosayer will begin his tasks with PBDAC at the beginning of April, after finalising any remaining files he has at IDBE.
The cabinet’s decision ends Atteya Salem’s service with PBDAC, who took his position in February 2014.
Alsayed El-Kosayer worked in the National Bank of Egypt (NBE) as a board member and head of the risks group, before joining the IDBE.
He has a Bachelor’s Degree from the Faculty of Commerce at Tanta University, a higher studies diploma in Banking Division from Mansoura University, and the CBE Institute of Banking Studies diploma.
El-Kosayer has nearly 35 years of banking experience, and has worked in most sectors of the banking business, such as risk management and policies, procedures and credit, processing irregular debt files, management of regions and regional branches, credit follow-up and implementation, small and medium-sized enterprises (SME), restructuring and re-building abilities and bank development, strategic planning, and human resources.
He has overseen major bank committees, and held membership and presidency of the boards of several national and international companies that operate in many economic sectors, as well as being lecturer in the work of many domestic specialised training institutions.
El-Kosayer took a variety of training courses related to risk management and treatment of non-performing debts, and acts of SMEs.
According to a senior banker, the restructuring of the PBDAC file, and subjecting it to the supervision of the CBE instead of the Ministry of Agriculture, is considered a prominent file that El-Kosayer will be working on.
This decision requires parliamentary approval to amend the bank law so that it becomes a follower of the Banking Act and CBE instead of subservient to the Ministry of Agriculture.
A total sum of $700m was allocated for restructuring and developing the bank, $500m from the World Bank and $200m from the Islamic Development Bank (ISDB).
The bank’s losses over the past years have amounted to about EGP 4bn pounds; the bank’s dues to the Ministry of Finance are EGP 3m.