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Suez Canal Bank general assembly re-elects board of directors headed by Hussein Refaei - Daily News Egypt

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Suez Canal Bank general assembly re-elects board of directors headed by Hussein Refaei

New retail banking sector to be established to create diversity in bank’s products, broaden its client base, Refaei says

The general assembly of Suez Canal Bank has re-elected the bank’s board of directors, headed by Hussein Refaei for three years.

The board of directors includes Hussein Refaei, Tarek Helmy, Mohamed Abdelaal, and Omar Al-Radiny as representatives of Arab International Bank.

The board also includes Omar El-Saghir, Mohamed Abo Senina, and Ramadan Al-Amrousy as representatives of Libyan Foreign Bank.

Additionally, the members of the board also include Mohab Mamish, representing the Suez Canal Authority’s insurance fund, in addition to Mohamed El-Bashoty, representing the insurance fund of the workers at Arab Contractors, and Ahmed Omran, representing Arab World for Financial Investments, alongside Mamdouh Soliman, representing himself.

Near the end of the assembly, the bank’s new board of directors held a meeting where Hussein Refaei was elected chairperson and managing director of the bank, and Omar El-Saghir was elected vice chairperson and managing director.

The bank’s general assembly also approved the business results for the year 2017. One of the most important indicators within the results was the bank achieving EGP 356m in net profits, a growth of 70% compared to 2017. The net revenue increased to EGP 1bn, a growth of 25.2%. The revenue on property rights rose to 16%, a growth of 46% compared to 2016.

The performance indicators of the bank revealed its total budget reached EGP 40bn at the end of 2017, an EGP 8.6bn increase compared to 2016, a growth of 27%.

Clients’ deposits at the bank reached EGP 31.3bn at the end of 2017, a growth of 30% compared to 2016. Net loans and facilitations provided to clients reached EGP 10.2bn a growth of 19%.

According to Refaei, the bank added a new retail banking sector in an attempt to diversify its products as well as broaden its client base. It has also established a sector to fund small and medium enterprises (SMEs), in accordance with the state’s efforts to support that sector.

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