{"id":617744,"date":"2024-03-27T00:00:00","date_gmt":"2024-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/"},"modified":"2024-03-27T00:00:00","modified_gmt":"2024-03-27T00:00:00","slug":"at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/at-least-six-state-owned-banks-rumored-to-be-in-line-for-leadership-reshuffle\/","title":{"rendered":"At least six state-owned banks rumored to be in line for leadership reshuffle"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EXCLUSIVE- We may be just hours away from a major shuffle of the <\/strong><strong>leadership of at least six state-owned banks<\/strong>, a source with knowledge of the situation tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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 (BdC), AAIB, EBank, and Suez Canal Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rumored shortlist, <\/strong>according to our source<strong>:<\/strong><\/p>\n<ul>\n<li>Al Baraka Bank Vice Chairman and CEO <strong>Hazem Hegazy<\/strong> will take the reins at <strong>Banque du Caire<\/strong>, where he was previously executive vice-chairman.<\/li>\n<li>AAIB Vice Chairman and Managing Director <strong>Tamer Waheed<\/strong>will head the <strong>National Bank of Egypt<\/strong>;<\/li>\n<li>EGBank Vice Chairman and CEO <strong>Nidal <\/strong><strong>Assar <\/strong>will run the show at <strong>Banque Misr<\/strong>. He\u2019s a former deputy governor of the central bank.<\/li>\n<li>National Bank of Egypt Deputy Chairman <strong>Yehia Abou El Fotouh<\/strong> will move to <strong>AAIB<\/strong>;<\/li>\n<li>Banque du Caire Chairman and CEO <strong>Tarek Fayed<\/strong> will head over to <strong>EBank<\/strong>;<\/li>\n<li>And Banque Misr Vice Chairman <strong>Akef El Maghriby<\/strong> will be the man in charge at the <strong>Suez Canal Bank<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- NBE, Banque Misr, and Banque du Caire are the \u201cbig three\u201d state-owned <\/strong><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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>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 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. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Bank of Egypt, Banque Misr, Banque du Caire, AAIB, EBank, and Suez Canal Bank could soon be under new leadership, according to our source<\/p>\n","protected":false},"author":1,"featured_media":617745,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[430,204,726,576,72,2371,206,248,1164],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-arab-african-international-bank","tag-banking","tag-banque-du-caire","tag-banque-misr","tag-enterpriseam","tag-export-development-bank-of-egypt","tag-moves","tag-national-bank-of-egypt","tag-suez-canal-bank","wpautop","entry"],"acf":{"mongo_id":"e7f78e9e-1f68-46b8-9e63-641e629fd0d7","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1739.jpg","photo_position":"above","homepage_title":"","full_issue_title":"At least six Egyptian state-owned banks rumored to be in line for leadership reshuffle","related_issue":[617739],"teaser":"The National Bank of Egypt, Banque Misr, Banque du Caire, AAIB, EBank, and Suez Canal Bank could soon be under new leadership, according to our source","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.68013e24-0c9c-4329-975a-ce43141e370c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience, according to El\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553414,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/state-institutions-%e2%9d%a4%ef%b8%8f-planet-startup\/","url_meta":{"origin":617744,"position":2},"title":"State institutions \u2764\ufe0f Planet Startup","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"Egypt\u2019s biggest state-owned banks are planning to launch a new fund to invest in fintech startups before the end of the year, with an eye to reach a USD 85 mn first close, Al Mal reports, citing what it says are sources in the know. Partners in the fund include\u2026","rel":"","context":"In &quot;Fintech&quot;","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564001,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/02\/four-state-owned-banks-to-launch-egp-1-bn-fund-in-4q2021\/","url_meta":{"origin":617744,"position":3},"title":"Four state-owned banks to launch EGP 1 bn fund in 4Q2021","author":"enterpriseam admin","date":"2 August 2021","format":false,"excerpt":"The EGP 1 bn fund of funds which is expected to be launched by Egypt\u2019s biggest state banks will launch in 4Q2021, an official at one of the banks told us, confirming statements by the National Bank of Egypt\u2019s (NBE) Group Head of Investment & Assets Management Ahmed El Said\u2026","rel":"","context":"In &quot;SPEED ROUND: CAPITAL MARKETS&quot;","block_context":{"text":"SPEED ROUND: CAPITAL MARKETS","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560287,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/22\/also-on-our-radar-on-22-february-2021\/","url_meta":{"origin":617744,"position":4},"title":"Also on our radar on 22 February 2021","author":"enterpriseam admin","date":"22 February 2021","format":false,"excerpt":"The Suez Canal Authority (SCA) is borrowing USD 100 mn from a syndicate of four local banks to finance ongoing projects, Al Mal reports, citing unnamed sources. CIB, Banque du Caire, and Arab African International Bank will provide USD 30 mn each, and the remaining USD 10 mn will be\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595749,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/05\/six-egyptian-banks-begin-disbursing-egp-3-1-bn-loan-to-samcrete\/","url_meta":{"origin":617744,"position":5},"title":"Six Egyptian banks begin disbursing EGP 3.1 bn loan to Samcrete","author":"enterpriseam admin","date":"5 August 2019","format":false,"excerpt":"Six local banks \u2014 the National Bank of Egypt, Banque Misr, Banque du Caire, SAIB Bank, Suez Canal Bank, and the Export Development Bank of Egypt \u2014 have begun disbursing a EGP 3.1 bn loan to Samcrete for its work in a residential district in the new administrative capital, Al\u2026","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617744"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617744\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617745"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617744"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617744"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}