Lebanon’s Bank Audi names Abbas Fayed new CEO in Egypt

Bank Audi SAE, Egypt’s eighth largest commercial bank and the Egyptian arm of Lebanon’s Bank Audi, announced Sunday the appointment of Mohamed Abbas Fayed as its new chief executive and managing director.

The general assembly of Bank Audi SAE has endorsed Fayed’s appointment during its meeting that took place on March 2nd, the bank said in a statement on Sunday.

Fayed takes over from Hatem Sadek, chief executive since May 2006, who will take up a new position as non-executive director in the bank.

Prior to this position, Fayed was the deputy chairman and managing director at Bank Audi SAE since October 2014. Fayed has 25 years of experience in the banking industry, working in two leading local and multinational banks in Egypt, namely Banque Misr and Misr International Bank, which was formerly acquired by National Société General Bank and then later by Qatar National Bank.

Before joining Bank Audi SAE, Fayed was the executive vice chairman of Banque Misr, the second largest Bank in Egypt from June 2010 till September 2014.