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Wednesday, 6 September 2017

New MDs appointed at Credit Agricole, ADIB, HDBK

MOVES- New MDs appointed at Credit Agricole, HDBK, ADIB: A number of Egyptian Banks announced new appointments yesterday. Those include:

  • Credit Agricole Egypt naming Pierre Finas its new managing director and Assem Fahmy its non-executive Chairman after receiving central bank approval, according to a bourse disclosure. Finas’ appointment was announced in late July. Outgoing Managing Director François-Edouard Drion will stay on the bank’s board of directors as a non-executive member representing Credit Agricole France, the disclosure notes.
  • The Housing and Development Bank (HDBK) appointed Hassan Ghanem as managing director, AMAY reports. Ghanem previously served on the board of Alexbank, a position from which he recently resigned.
  • ADIB Egypt is also reportedly going to pick Mohamed Aly to be its new managing director, sources tell Al Mal. The bank told the EGX it has not yet made a decision on the appointment. Aly is currently the country head and CEO of Mashreq Bank Egypt and, if appointed, would succeed the late Nevine Loutfy. ADIB Egypt had appointed in November 2016 Fareed El Belbesy as acting non-executive chairman and Zohair Hamada Ahmed Edris as acting managing director. Sources added that ADIB Egypt is waiting for the central bank to approve Aly’s appointment.

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