CBE Approves Nominating Arab Contractors Investment’s Representatives At SAIB

The Central Bank of Egypt (CBE) approved to nominate Mohamed Sami Ebrahim and Mohamed Mahmoud El-Khateeb as non-executive members at Societe Arabe Internationale De Banque’s (SAIB) board of directors representing the Arab Contractors Investment instead of Faisal Dawood Mortada and Nouh Ahmed Meshref.

SAIB’s ownership structure is divided as follows: Arab International Bank (46.08%), Arab Contractors Investment (17.29%), Misr Life Insurance Company (9.75%) and Misr Insurance Company (11.29%).

SAIB reported a profit increase of US$ 264.6 thousand (2.2%) in the first half of 2012, to reach US$ 12.4 million.