{"id":617712,"date":"2024-03-26T00:00:00","date_gmt":"2024-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/this-evening-banking-sector-shuffle-expected-within-hours\/"},"modified":"2024-03-26T00:00:00","modified_gmt":"2024-03-26T00:00:00","slug":"this-evening-banking-sector-shuffle-expected-within-hours","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/this-evening-banking-sector-shuffle-expected-within-hours\/","title":{"rendered":"THIS EVENING: Banking sector shuffle expected within hours"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy hump day. <\/strong>We\u2019re passing the midweek point with more local business news cropping up, as we suggested this morning when we last wrote to you.<\/p>\n

So, when do we eat?<\/strong> Maghrib prayers are at 6:10 pm in the capital city, and you\u2019ll have until 4:23 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

EXCLUSIVE- We may be just hours away from a major shuffle of the<\/strong> leadership of at least six state-owned banks<\/strong>, a source with knowledge of the situation told us today.<\/p>\n

What can you expect? <\/strong>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, AAIB, EBank, and Suez Canal Bank.<\/p>\n

SOUND SMART- NBE, Banque Misr, and Banque du Caire are the \u201cbig three\u201d state-owned<\/strong> institutions. <\/strong>BdC and AAIB are both perennial candidates for stake sale or IPO as part of the Sisi administration\u2019s privatization program.<\/p>\n

The caveat: <\/strong>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.<\/p>\n

The changes could be announced \u201cwithin hours,\u201d <\/strong>our source says \u2014 that\u2019s press shorthand for \u201cany moment now, but please don't hold your breath.\u201d<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Bridge collapse in Baltimore: <\/strong>A major bridge in Baltimore collapsed, snapping and falling into the Patapsco River sending numerous vehicles into the water after a cargo ship collided with the structure today. Rescue efforts are searching for up to 20 people and have so far pulled up two people from the water, with one in critical condition. <\/p>\n

The story dominated int\u2019l headlines across the board:<\/strong>New York Times<\/a> | CNBC<\/a> | Reuters<\/a> | Washington Post<\/a> | Bloomberg<\/a> | BBC<\/a> <\/p>\n

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