CIS Names Hamdi Azzam As New Chairman

The Cooperative Insurance Society-Egypt’s board of directors has named Hamdi Azzam, member of the board of directors of the Industrial Development and Workers Bank of Egypt, as chairman of the Society in its meeting yesterday, sources said.

Hamdi Azzam was chosen by the board of directors without holding elections as nobody else was nominated for the position, sources explained.

Board elections were held last January in which Mohamed El-Shafaey, Ahmed El-Dib and Hossam Moustafa were elected as members representing the Social Fund for Development (SFD). In addition, Hamdi Azzam, member of the board of directors of the Industrial Development and Workers Bank of Egypt; Hazem Mostafa, head of investment sector at Al Baraka Bank of Egypt; Mohamed Ekram, general manager of the National Bank of Egypt; Abdo El-Negily, general manager of credit sector at Alex Bank; Hesham Salah, financial manager at Star Gas Company; Soliman Meselhy, secretary general of Assiut Businessmen Association as well as the experienced members Kamal Mohamed Ali and Refky Rashed Latif were elected as members. Afterwards, Refky Rashed Latif was named the managing director of the Society.

Hamdi Azzam has worked at the National Bank of Egypt’s branches for seven years and then at the non-performing loan sector for six years. He worked as head of tourism and commercial credit sector for two years and then head of credit policies department and SME sector. He was appointed as deputy chairman in 2007 and then general manager of SME sector in 2009.