The Suez Canal Bank’s board of directors has elected Hussein El-Refaie as the new chairperson of the bank, succeeding Tarek Kandil, whose term ended in April. El-Refaie used to serve as the chief financial officer and executive director at the National Bank of Egypt (NBE). On Sunday, the general assembly of the Suez Canal Bank elected a new managing board for a three-year term. Omar El-Sagher, who used to be the representative of the Libyan Foreign Bank (LFB), was appointed vice chairperson of the bank for executive affairs. The Arab International Bank owns a 41.48% stake of the Suez Canal Bank’s shares, while the LFB, the Insurance Fund of Suez Canal Authority Employees, and the Arab World for Financial Investments own 27.71%, 10.11% and 2.5% stakes respectively.

Source: Daily News Egypt May 01, 2017 13:30 UTC