Mohamed Barakat, chairman of Banque Misr, has been named the chairman of Union of Arab Banks for a three-year term, following Adnan Youssef, chairman of Al Baraka Banking Group. Sources said Barakat was selected by the Union's general assembly to head the Union's 14th term that starts next May and ends in April, 2016. Barakat has a great banking experience and had represented Egypt in the Union in the last two terms for more than six years. The Union's regulation stipulates that the term of the board of directors is three years. The board of directors shall include a representative from Arab member countries, member banks, central banks and Arab fund institutions. The Union of Arab Banks was formed on March 13, 1974, during a meeting which was shared by an elite group of Arab banks and management leaders under the umbrella of the Arab Administrative Development Organization. The meeting reached a conclusion to establish an Arab organization working within the framework of the unions emanated from the League of Arab States. The Union of Arab Banks comprises today more than 320 Arab financial and banking institutions representing the major and biggest Arab banks. Barakat has 30 years experience in the Egyptian banking industry. He has been chairman of Banque Misr since 2002. Afterwards, he became chairman of Banque Misr Liban and board member of Banque Du Caire Amman. He had a record of achievements in senior managerial positions. He held the position of Vice Chairman & Managing Director of Egyptian Gulf Bank (EGB), Board Member of The Egyptian Banking Institute (EBI) and Board Member of The Arab Academy for Banking and Financial Sciences (AABFS).
