SAIB Awaits CBE’s Approval To Appoint Misr Insurance’s Rep.

Misr Insurance Company approved to appoint Ali El-Shenawy Abdel Hady as its representative in Societe Arabe Internationale De Banque’s (SAIB) board of directors instead of Adel Fattouh Hammad.

SAIB awaits the Central Bank of Egypt’s (CBE) approval for appointing the new member at its board of directors.
CBE earlier approved to nominate Mohamed Sami Ebrahim and Mohamed Mahmoud El-Khateeb as non-executive members at SAIB’s board of directors representing the Arab Contractors Investment instead of Faisal Dawood Mortada and Nouh Ahmed Meshref.

SAIB’s ownership structure is divided as follows: Arab International Bank (46.08%), Arab Contractors Investment (17.29%), Misr Life Insurance Company (9.75%) and Misr Insurance Company (11.29%).

SAIB reported a profit increase of US$ 264.6 thousand (2.2%) in the first half of 2012, to reach US$ 12.4 million.