Egypt’s PBDAC Chief, Deputy Resign Over Govt Support Absence

Following the news that the chairman of the Principal Bank for Development and Agricultural Credit seeks to end his tenure, the Deputy Chairman Tarek Helmy has tendered his resignation Monday morning, senior banking sources told Amwal Al Ghad.

Mr. Alaa Samaha – the Chairman of the PBDAC – has submitted his resignation Sunday afternoon to the Egyptian  prime minister and the Central Bank Governor . Mr. Samaha’s resignation comes in the light of the PBDAC’s weakened financial structure since the Egyptian finance ministry refused to repay bank concessions worth more than EGP 2 billion formerly offered to defaulters on basis of previous presidential and ministerial initiatives during former the heads of states; Hosni Mubarak and Mohamed Morsi.

Moreover, the sources explained that Samaha and Helmi’s resignations come amidst the absence of the Egyptian government’s support as the PBDAC has failed to attain his dues – which near EGP 3 billion – from the country’s finance ministry.

The PBDAC is striving to get the government’s strong support within the upcoming period so as to contain the bank’s accumulated losses.

It is worth mentioning that Mr. Samaha and Mr. Helmy have chaired the PBDAC for 4 months only since the departure of the ex-Chairman Dr. Mohsen Al Batran last April.