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PM announces reshuffle of state-owned bank leaders within hours - Daily News Egypt

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PM announces reshuffle of state-owned bank leaders within hours

Amr Kamel, Maged Fahmy nominated to chair Egyptian Arab Land Bank and Industrial Development & Workers Bank of Egypt

Prime Minister Sherif Ismail and Central Bank of Egypt (CBE) Governor Tarek Amer have decided on 90% of the reshuffle set to take place in the leaders of public banks, where Ismail is set to announce the full list within hours.

The three-year term of public banks’ boards of directors ends on Monday.

There is a state of anticipation and anxiety in the banking sector, as names leaked indicate granting the positions to people of confidence rather than those of experience and relying on leaders above 60 years old, some of whom are pensioners, which made younger leaders frustrated.

Sources told Daily News Egypt that Hisham Okasha has been confirmed to stay as chairperson of the National Bank of Egypt, while Mohamed El-Etreby would also remain head of Banque Misr.

CBE Subgovernor Tarek Fayed has also been selected to assume the positions of chairperson of Banque du Caire to support the plans to offer the bank on the Egyptian Exchange soon.

Sources also said that Soha Soliman, the current deputy of Banque du Caire, is facing a vague fate, as Fayed wants to use the help of Soliman as consultant instead of a deputy.

Meanwhile, other officials nominated Soliman to become chairperson of the Arab Investment Bank.

CBE Governor Tarek Amer picked Soliman for the position of deputy chairperson of Banque du Caire—a decision that removed her from leading the Social Fund for Development. Amer was excited to make Banque du Caire specialised in micro, small, and medium enterprises.

The sources said that the head of the Mortgage Finance Fund, May Abdel Hamid, is nominated to become the chairperson of the Egyptian Arab Land Bank, while sources within the Ministry of Housing indicated that Housing Minister Mostafa Madbouly wants to keep her at her current job.

This would strengthen the position of banking expert Amr Kamal as a candidate for the chairmanship of Egyptian Arab Land Bank, which is opposed by some voices, as he is over 60 years old and has been receiving a pension.

Among the names nominated was Maged Fahmy, who is also a pensioner, to lead the Industrial Development & Workers Bank of Egypt.

As for the nominees for deputy positions, Sahar El Damaty, who currently holds the positions of deputy managing director, country chief risk officer, and board member of Emirates NBD Egypt, is nominated for the deputy chairperson position at Banque Misr, which is also facing criticism for her being outside of Banque Misr now.

The position of deputy chairperson of NBE is still under negotiations, amid the split in opinions between Hisham Okasha’s desire to promote NBE’s Chief Operating Officer, Dalia El-Baz, and the nomination of Hazem Hegazy, CEO of retail banking and small- to medium-sized enterprise at NBE by CBE, next to proposing May Abulnaga.

The changes will witness the departure of NBE Deputy Mahmoud Montaser, who wishes to retire, next to deputy chairperson of the Egyptian Arab Land Bank, Adnan Sharkawy, as well as deputy chairperson of Banque Misr, Ahmed Aboul Ezz.

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