Sherif Elwy Likely To Resign From NBE, Join CIB: Sources

The National Bank of Egypt’s (NBE) deputy chairman Sherif Elwy will probably leave his position after the Prime Minister Hesham Kandil accepted the resignation of the bank’s chairman Tarek Amer last week, sources said.

Sources revealed that Sherif Elwy will definitely leave his position as he was supported by ex-chairman Tarek Amer, adding that he has received many offers from Egyptian banks such as the Commercial International Bank (CIB).

In addition, Elwy considers quitting because Mahmoud Montasser, member of the board of directors and head of credit sector at the bank, is nominated to follow Amer, sources affirmed. Elwy will not resign if Hisham Okasha, first deputy chairman of NBE, is promoted to the chairman’s post.

The former Prime Minister Ahmed Nazif has appointed Sherif Elwy as deputy chairman of NBE in July 2010 after being member of the board and general manager of corporate finance sector at NBE. He was also selected to be the managing director of NCB Capital.

Hisham Kandil will approve the appointment of a new chairman of NBE within the next two days, sources said after he met with the newly-appointed governor of the Central Bank of Egypt (CBE) Hisham Ramez last Monday.

Sources affirmed that there are four candidates to the position: El-Sayed El-Kosayer, chairman of the Industrial Development and Workers Bank of Egypt; Mahmoud Montasser, 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.