French court grants early release to former President Nicolas Sarkozy    Egypt releases 2023 State of Environment Report    Egypt says Gulf investment flows jumped to $41bn in 2023/24    Al-Sisi meets representatives of 52 global tech firms to boost ICT investments    Egyptians vote in 1st stage of lower house of parliament elections    Egypt's Al-Sisi, Russian security chief discuss Gaza, Ukraine and bilateral ties    Lebanese president says negotiations are only way forward with Israel    Madbouly seeks stronger Gulf investment ties to advance Egypt's economic growth    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Egypt to issue $1.5 billion in dollar-denominated treasury bills – CBE    Egypt's private medical insurance tops EGP 13b amid regulatory reforms – EHA chair    Egypt, Saudi Arabia ink executive programme to expand joint tourism initiatives    Egypt's monthly inflation rises 1.3% in Oct, annual rate eases to 10.1%: CAPMAS    Egypt, US's Merit explore local production of medical supplies, export expansion    400 children with disabilities take part in 'Their Right to Joy' marathon    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt, Albania discuss expanding healthcare cooperation    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Hungary, Egypt strengthen ties as Orbán anticipates Sisi's 2026 visit    Egypt's PM pledges support for Lebanon, condemns Israeli strikes in the south    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Egypt establishes high-level committee, insurance fund to address medical errors    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Al-Sisi, Burhan discuss efforts to end Sudan war, address Nile Dam dispute in Cairo talks    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Banking sector speculates over Ramez's next step after CBE resignation
Ramez will head the AIB instead of Gamal Negm who will supposedly retire, according to sources
Hossam Mounir Published in Daily News Egypt on 25 - 10 - 2015

The Egyptian banking sector is speculating over the next destination of Hisham Ramez, the resigned governor of the Central Bank of Egypt (CBE), after his tenure ends on 26 November.
Some believe Ramez is returning to the Commercial International Bank-Egypt (CIB-Egypt) after he left his position there in early 2013 to take the CBE governor position. However, this expectation is not widely supported in the financial market. Ramez was appointed vice-chairman of CIB-Egypt in December 2011.
According to sources in the banking market, it is expected that Ramez will take over the post of Chairman of the Arab International Bank (AIB), succeeding Gamal Negm, the present head of the bank, who is also Deputy Governor of the CBE.
The sources explained that it is expected that Negm will leave the CBE on 26 November, having reached retirement age. Moreover, it has been decided that the CBE's board will be completely restructured.
With Negm leaving the CBE, it is expected that he will also lose his current position in the AIB; consequently, Ramez would be among the top nominees to take over the position.
Ramez had told people close to him that he did not wish to remain in his position as CBE Governor, and that he would prefer to leave at this time and not to take over a governmental position again.
With his departure from the CBE, Ramez will also lose his position as Governor of the International Monetary Fund (IMF), African Development Bank, and Arab Monetary Fund (AMF) for Egypt.
According to a high-level legal worker, there is nothing in the law or in banking customs that prevents Ramez from becoming head of the AIB.
The bank's Board of Directors now includes Gamal Negm, Chairman since 11 April, 2012; Mohamed Ibrahim Abduljawad, Deputy Chairman and Managing Director since 28 December 2005; and Mohamed Kamal El-Din Barakat, Deputy Chairman and Managing Director since 26 October 2014.
The source explained that the post of chairman of the bank was taken over by major political and economic figures on numerous occasions, noting that as such the resigned CBE governor deserves it more than others.
Abdel El-Moneim El-Qaysooni, the former minister of economy, and the founder of AIB, commissioned by President Anwar El-Sadat, is one of the most prominent figures to take over the post of the bank's chairman, as well as Ahmed Nazmi, a former CBE governor, and Mostafa Khalil and Atef Ebeid, former Egyptian prime ministers.
The AIB was established in 1974 following an international treaty ratified by Egypt, Libya, Oman, Qatar, and UAE. The bank operates from its main office in Cairo.
Contributing to the AIB's capital, CBE, representing Egypt, has a share of about 38.76%, the Libyan Foreign Bank, representing Libya, has 38.67%, the Abu Dhabi Investment Authority owns 12.503%, while Qatar Holding, representing Qatar, has 4.984%, and Oman owns 2.49%, while International Capital Trading has 2.503%.
The bank was established to carry out the all the banking, financial, and commercial works related to the economic development and foreign trade projects, especially for member states, and other Arab countries.
On 22 March 2012, an extraordinary general assembly was held by the bank decided to amend some of the articles of the Bank Establishment Treaty and its statutes, whereby the bank was allowed to conduct transactions in all currencies; on top of which is the Egyptian pound, instead of being limited to the dollar only.
The bank's general assembly also ensured that the bank and its branches are not subject to the laws regulating general organisations or the organisations of public utility, public sector companies and joint stock companies in member states where the bank or its branches operate.
The AIB falls under the supervision of the CBE, according to the law of the Central Bank, the Law of Banking, and the monetary system.
Egypt hosts the main office, while its branches in the other member states are subject to the supervision of the central banks in their respective countries, in accordance with provisions of laws regulating the banks and credit facilities there.

Clic here to read the story from its source.