New boss at the helm of the Suez Canal Bank: Suez Canal Bank has appointed our friend Akef El Maghraby (LinkedIn) as its CEO and managing director, the state-owned bank said in an EGXdisclosure (pdf). El Maghraby enters the role following nearly eight years as the vice chairman of Banque Misr, preceded by an 11-year stint as the corporate bank head of Citibank Egypt. He is taking over from Hussein Refaie (LinkedIn), who led Suez Canal Bank for nearly seven years after serving as the CFO of the National Bank of Egypt, Barclays Egypt (now Attijariwafa Bank), and Citibank.

We knew this was happening: A source with knowledge of the matter told Enterprise last week about El Maghraby’s move to the Suez Canal Bank as part of a wider leadership shuffle at a number of state-owned banks.

Other upcoming leadership changes we’re keeping an eye for that are yet to be confirmed:

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

The caveat: Our source was speaking anonymously to discuss sensitive personnel matters and cautioned that one or more of the appointments could change or fall through.

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