Hesham Kandil To Name New Chairman For NBE In Two Days

The Egyptian Prime Minister Hesham Kandil will approve the appointment of a new chairman for the National Bank of Egypt (NBE) within the next two days, following the resignation of Tarek Amer, sources said after Kandil met with the newly-appointed Governor of the Central Bank of Egypt (CBE) Hisham Ramez.

Sources revealed that there are four candidates to the position: El-Sayed El-Kosayer, chairman of the Industrial Development and Workers Bank of Egypt; Mahmoud Motasser, member of the board of directors and head of credit sector at NBE; Hisham Okasha, deputy chairman of NBE; and Mounir El-Zahed, chairman of Banque Du Caire.

The new chairman of NBE will be from NBE’s employees or those who were seconded to other banks. El-Sayed El-Kosayer and Mahmoud Montasser are the most likely candidates to hold such position, sources affirmed.

Sources expected El-Kosayer to be the next chairman of NBE for many reasons. He was one of the most prominent leaders of NBE as he worked for the bank from 1981 to 2011. He was a member of the board of directors and head of risk management department. He also enabled the bank to implement Basel I and Basel II standards.

When NBE’s employees held protests after 2011’s revolution demanding the resignation of Amer, Elwy and Okasha, CBE asked El-Kosayer to manage this crisis and negotiate with the employees. He succeeded to contain this crisis at that time, sources continued.