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Egyptian state-owned banks expect a leadership shuffle

According to Entperise’s source, 2 of them are listed on the EGX

What:

A source told Enterprise yesterday that we’re hours away from leadership changes in at least six state-owned banks.

Predictions for the Shuffle:

A source with knowledge of the matter told Enterprise of the following changes — cautioning that this isn’t a final list and is subject to changes before the official announcement…

Al Baraka Bank Vice Chairman and CEO Hazem Hegazy will be leading at Banque du Caire, where he was previously Executive Vice-Chairman.

Arab African International Bank (AAIB) Vice Chairman and Managing Director Tamer Waheed will head the National Bank of Egypt.

EGBank Vice Chairman and CEO Nidal Assar, a former Deputy Governor of the Central Bank of Egypt will take the helm at Banque Misr.

National Bank of Egypt Deputy Chairman Yehia Abou El Fotouh will transition to AAIB.

Banque du Caire Chairman and CEO Tarek Fayed will move to EBank.

Banque Misr Vice Chairman Akef El Maghriby will move to the Suez Canal Bank.

So What:

EGBank, EBank, and Al Baraka Bank are listed on the EGX. Meanwhile, Banque du Caire and Arab African International Bank are both candidates for a stake sale or an initial public offering (IPO) as part of Egypt’s ongoing state asset sale program.