3 - 9 February 2000
Issue No. 467
|Published in Cairo by AL-AHRAM established in 1875|
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SENIOR management within the banking sector is undergoing a series of radical changes. Despite cabinet denials that there will be major changes among the banking world's most senior executives, two of Egypt's four public sector banks have appointed new chairmen during the last three months.
The unexpected restructuring of the National Bank of Egypt comes as the latest surprise. The government announced that NBE's long serving chairman Mahmoud Abdel-Aziz would retire, having reached the age of 60. Surprisingly, Abdel-Aziz was replaced by another 60 year old executive, Ahmed Diaa Eddin Fahmi, one the bank's two deputy chairmen. Fahmi will be the acting chairman of the bank for one year.
However, Abdel-Aziz will continue as chairman and managing director of Commercial International Bank, Egypt's largest private sector bank, 19.6 per cent owned by NBE.
Abdel-Aziz will no longer be chairman of the Egyptian Federation of Banks, which will meet on 4 February to appoint his successor, and a successor for Essameddin El-Ahmadi, former deputy chairman whose tenure as head of Banque Misr ended two months ago.
The federation board comprises nine members -- the chairmen of the four public banks, representatives of four private sector banks and a representative from a foreign bank.