The Central Bank of Egypt (CBE) issued on Thursday a decree to limit the tenure of executive officials in banks to nine years, whether consecutive or accumulative.
The decree, of which a copy was obtained by Daily News Egypt, revealed that the decision does include executive officials in banks who have completed nine years in their position at the end of December 2015 and later.
Officials who have completed nine years on the aforementioned date will be given an extension until a general assembly of their banks is held to approve the 2016 financial statements, CBE said.
According to CBE, the decree is applicable to the heads of Egyptian and foreign banks operating in Egypt.
According to a prominent official source who spoke to Daily News Egypt on the condition of anonymity, the decree will lead to the exit of many banks’ executive heads in the upcoming period.