Hisham Ezz El-Arab Named FEB Chairman, Succeeding Tarek Amer

Hisham Ezz El-Arab, managing director of the Commercial International Bank (CIB), has been named the chairman of the Federation of Egyptian Banks, to be the first one who is not a chairman of a bank and holds this position.

FEB’s general assembly met yesterday to name Ezz El-Arab the chairman after Tarek Amer resigned from the Federation and the National Bank of Egypt (NBE).

Mohamed El-Dib, chairman of National Société Générale Bank (NSGB) and deputy chairman of FEB, will continue his term as an interim chairman of FEB that will end with the next general assembly meeting.

FEB’s general assembly approved yesterday the budget and final accounts for the fiscal year that ended on December 31st 2012.

The Egyptian banking sector’s financial positions increased 10.2%, deposits rose 10.9%, credit facilities offered to customers hiked 5.6% and securities portfolio surged 21.7%.

Hisham Okasha, deputy chairman of NBE, and Adnan El-Sharkawy, deputy chairman of Egyptian Arab Land Bank, have been named members of Feb’s board of directors in the Federation’s meeting yesterday.