Egypt’s Suez Canal Bank elects new board

The general assembly of Egypt’s Suez Canal Bank has elected on Sunday a new board of directors for a three-year term of office.

The new board is expected to hold its first meeting within days in order to vote for a new chairman, senior sources in the bank told Amwal Al Ghad.

Hussein Refaie, chief financial officer and executive board member at Egypt’s biggest public lender National Bank of Egypt (NBE), is favourite to become Suez Canal Bank’s new chairman, the sources said.

Refaie has over 25 years of experience in international banking and finance with leading multinational corporations and banks both locally and regionally.

The Suez Canal Bank was established in 1978 between Egypt and Libya. The Arab International Bank (AIB), jointly owned by the governments of Egypt and Libya, holds 41.48 percent of Suez Canal Bank. Libya’s Arab External Bank, owned by Libya’s Central Bank, owns 27.71 percent. Other investors and institutions hold 20.7 percent, while the free-float is around 12 percent.

These are the members elected for the 2017 Board of Directors.