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Thursday, 3 June 2021

AUC has new trustees; Bank Audi CEO + Bank ABC chairman resign

The American University in Cairo (AUC) recently appointed Shahira Zeid (bio) and Wael Bayazid (bio) as new members of its board of trustees, according to a statement (pdf). Zeid acts as the chairperson of Maridive and Oil Services, and is also chair of MZ Investments. She has been named by Forbes Middle East as one of the most powerful businesswomen in the region, and was selected as one of the top 50 businesswomen in Egypt in 2015. Bayazid has extensive experience in the banking and financial sector, and has served as the Managing Director and partner of global investment firm the Carlyle Group since 1996.

Mohamed Bedeir (LinkedIn) has resigned as the CEO and managing director of Bank Audi Egypt, while Bank ABC Egypt Chairman Akram Tinawi (bio) also stepped down on Wednesday, according to the local press. Both executives are set to join other banking institutions in Egypt, which they’ll be announcing of “at a later time,” the newspaper said. The move comes less than a month after First Abu Dhabi Bank’s (FAB) acquired Audi’s Egypt unit, while Bank ABC inches closer to the acquisition of a 99.42% stake in Blom Bank Egypt.

Saad Megahed Al Rajhi has been appointed as the new non-executive chairman of the state-owned Metallurgical Industries Holding (MIH) for a three-year term, replacing Mohamed Al Saadawi, who will become the acting executive managing director, the Public Enterprises Ministry said in a statement (pdf). Al Rajhi is an engineering professor at Cairo University and holds a doctorate in metallurgy from the University of London.

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