Amr El Garhy appointed non-executive chairman of Misr Iran Development Bank

MOVES- CBE pushing for leadership shakeup in banking sector? The Central Bank of Egypt is actively shaking up the C-suites of Egyptian banks ahead of the introduction of its new Banking Act, an industry official told the local press. The proposed legislation, which the CBE drafted earlier this year, is expected to impose term limits on bank managing directors. Bank Audi Managing Director Mohamed Abbas Fayed and National Bank of Kuwait MD Yasser Ismail Hassan have both stepped down in recent days.

The news comes as the CBE appointed our friend Amr El Garhy, the former minister of finance, as non-executive chairman of Misr Iran Development Bank, according to a separate local press report. The central bank also seated two new managing directors of Misr Iran’s BoD.