EXCLUSIVE- We may be just hours away from a major shuffle of the leadership of at least six state-owned banks, a source with knowledge of the situation tells us.

What can you expect? Our source says new leaders could be appointed at banks where the state retains substantial control, including: the National Bank of Egypt, Banque Misr, Banque du Caire (BdC), AAIB, EBank, and Suez Canal Bank.

The rumored shortlist, according to our source:

  • Al Baraka Bank Vice Chairman and CEO Hazem Hegazy will take the reins at Banque du Caire, where he was previously executive vice-chairman.
  • AAIB Vice Chairman and Managing Director Tamer Waheedwill head the National Bank of Egypt;
  • EGBank Vice Chairman and CEO Nidal Assar will run the show at Banque Misr. He’s a former deputy governor of the central bank.
  • National Bank of Egypt Deputy Chairman Yehia Abou El Fotouh will move to AAIB;
  • Banque du Caire Chairman and CEO Tarek Fayed will head over to EBank;
  • And Banque Misr Vice Chairman Akef El Maghriby will be the man in charge at the Suez Canal Bank.

SOUND SMART- NBE, Banque Misr, and Banque du Caire are the “big three” state-owned institutions. BdC and AAIB are both perennial candidates for stake sale or IPO as part of the Sisi administration’s privatization program.

The caveat: The source cautioned that the roster of changes and which banks are involved in the shuffle is not final and could change before it is announced. In some cases, we could see proven execs move from one bank to another. It is unclear how many other c-suite leaders could find themselves moving in the days to come.

The changes could be announced “within hours,” our source says — that’s press shorthand for “any moment now, but please don’t hold your breath.” Meanwhile, Al Borsa is out with a list of changes that largely overlaps with ours. It suggests that news of the changes could trickle out over the next several days, continuing into next week.

Tags: