Egypt wins two seats on Union of Arab Banks’ board

Egypt has won two seats on the Union of Arab Banks’ (UAB) new board of directors from 2019 until 2022.

UAB’s general assembly has elected once again Mohammad Jarrah Al-Sabah as Chairman.

From Egypt, Mohamed Eletreby, Banque Misr’s chairman, was elected as vice chairman of the UAB, while Tarek Fayed, Banque du Caire’s chairman, was named board member.

Egypt is the only Arab country that has more than a seat in the UAB’s new board, the union said in a statement on Tuesday.

UAB plays an integral and leading role in developing the Arab banking industry in accordance with the international improvements and advancements of the Arab region. It calls for the development of Arab banks and financial institutions to advance in the direction of universal banking, easing the constraints of functional and sectorial specialisation, by deepening the functions of traditional banks or by creating new leadership roles for them.

The union has fostered its position as a platform for the Arab banking sector on international and regional levels, where global financial, economic and banking institutions cooperate with the UAB to execute projects and initiatives that enhance the Arab banking and financial industry.