Okdah, Saleh To Appoint New Chairman For Export Development Bank

The Central Bank of Egypt’s Governor Farouk El-Okdah and the Minister of Industry Hatem Saleh will conduct talks to choose a chairman for the Export Development Bank of Egypt as the current chairman Maged Fahmy will retire by the beginning of next week, high level sources said.

The Minister of Industry and the new chairman of the bank will meet by the beginning of the first week of November, sources at the Ministry of Industry said. According to the bank’s law and regulatory system, the deputy chairman will hold the responsibilities of the chairman when he is absent. It is worth mentioning that Maged Fahmy was appointed in September 2011, following Hesham Hassan.

The bank’s general assembly decided to give Mohamed Ismail El-Sherif another term as deputy chairman for three years and to appoint Ahmed Magdy as executive member at the bank on October 3rd 2012.

The general assembly also approved the appointment of El-Sayed Mohamed Abu El-Komsan as non-specialized member of the board of directors instead of Mohamed Saeed El-Dakak and Salah El-Din Abdel Halim as member of the board of directors managing the private sector instead of Samir Tinagho.

The board of directors also includes Ahmed Abdel Rehim El-Sayyad, Abdel Halim Mohamed and Dalia Moustafa Kamel as members representing the National Investment Bank. The bank still awaits the Central bank of Egypt’s approval over appointing members representing the National Bank of Egypt and Banque Misr.

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