A number of bankers criticized the statements said by Ismail Hassan, the former governor of the Central Bank of Egypt, as he said he was unable to turn down the ousted president Hosni Mubarak’s request of appointing Gamal Mubarak as a representative of the regulator in the Arab African International Bank’s board of directors.
Bankers said both Mubarak and Hassan manipulated their positions to achieve personal gains and make their sons hold high positions. Hassan appointed his two sons in high positions as Yasser Ismail Hassan has been appointed as the CEO and managing director of Al Watany Bank of Egypt, in which Gamal Mubarak and Alaa Mubarak were accused of acquiring controlling stake and manipulating the stock market, and Ahmed Ismail Hassan has been appointed as the regional manager of the National Bank of Abu Dhabi in Egypt. In addition, Ismail Hassan is the chairman of Misr Iran Development Bank, meaning that the family has control over three banks out of 39 banks in Egypt, while Gamal Mubarak could have only hold a non-executive position at the board of directors of the Arab African International Bank. This raises questions about Ismail Hassan’s control over the banking sector in Egypt which have probably exceeded Mubarak’s control over the banking sector.
On the other hand, some bankers said Mubarak enabled Ismail Hassan to place his domination over the sector as a sign of gratitude after the later recruited Gamal Mubarak in the board of directors of the Arab Africa International Bank where he received many advantages. This came in accordance with Ismail Hassan’s statements to the persecutor.
Some bankers said the Central Bank of Egypt is the one who approves appointing CEOs, MDs and heads of credit department at any bank in Egypt, accusing Ismail Hassan of manipulating his post for personal advantages.
As Ismail Hassan said he could not have refused to recruit Gamal Mubarak in a high position in the Arab African International Bank, this means that the Central Bank of Egypt is not independent as some claim.
Bankers criticized Ismail Hassan for assigning unqualified people in high positions and for selling Al Watany Bank of Egypt while it was controlled by Gamal Mubarak and his partners, accusing him of wasting public money
