Suez Canal Bank appoints Hussein Refaie as new chair

Egypt’s Suez Canal Bank has appointed Hussein Refaie, chief financial officer at the country’s biggest public lender National Bank of Egypt, as its new chairman.

Refaie replaces Tarek Kandil, whose term ended in April. Refaie has over 25 years of experience in international banking and finance with leading multinational corporations and banks both locally and regionally.

Omar El-Sagheer, who used to be the representative of the Libyan Foreign Bank (LFB), was selected as vice chairperson and managing director of the Suez Canal Bank.

The Suez Canal Bank was established in 1978 between Egypt and Libya. The Arab International Bank (AIB), jointly owned by the governments of Egypt and Libya, holds 41.48 percent of Suez Canal Bank. Libya’s Arab External Bank, owned by Libya’s Central Bank, owns 27.71 percent. Other investors and institutions hold 20.7 percent, while the free-float is around 12 percent.

The general assembly of Egypt’s Suez Canal Bank has elected on Sunday a new board of directors for a three-year term of office.

These are the members elected for the 2017 Board of Directors.