Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt, South Africa discuss strengthening cooperation in industry, transport    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    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    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    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    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    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.



Limited changes in boards of government banks before end of September 2017
Two leaders expected to be sacked, 4 likely to stay, ambiguity surrounds one leader
Hossam Mounir Published in Daily News Egypt on 20 - 08 - 2017

The Central Bank of Egypt (CBE) is in coordination with the government to make limited changes in the leadership of state-owned government banks before the end of September 2017, according to a senior banker that talked to Daily News Egypt
The term of the boards of directors of National Bank of Egypt, Banque Misr, Banque du Caire, Industrial Development & Workers Bank of Egypt, Egyptian Arab Land Bank, Agriculture Bank of Egypt, and the Arab Investment Bank are expected to end on 25 September 2017.
Article 90 of the Banking Law No. 88 of 2003 stipulates that each public sector bank shall have a board of directors composed of the Chairman of the Board of Directors, two Vice-Presidents of the Board of Directors and six specialists in banking, monetary, financial, economic, and legal matters who have previous banking experience.
According to the article, the appointment of the chairman and members of the board of directors of such banks shall be by a decision of the Prime Minister after taking the opinion of the Governor of the Central Bank. The terms for the officials is set at a period of 3 renewable years, in accordance with the by-laws. The two deputies shall be appointed by a decision of the Prime Minister with the approval of the chairman of the bank. The Prime Minister also has the authority to decide the salaries, allowances and bonuses of the Chairman of the Board of Directors and his deputies and the bonuses of the specialized members who are not employees of the Bank.
According to the source, there is a strong tendency within the CBE to change the leadership of the seven banks owned by the government, one of them is the head of a commercial bank and the other heads a specialized bank. Four leaders are expected to remain leading commercial and specialized banks. In addition to one leader whose fate has yet to be determined.
CBE Governor Tarek Amer said in remarks last week that the bank has not yet decided the names of the candidates expected to be hired as replacements to the minister.

Clic here to read the story from its source.