CEO of National Bank of Egypt resigns

CEO of National Bank of Egypt resigns

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Mon, 14/01/2013 - 16:11

The CEO of the National Bank of Egypt, Tarek Amer, resigned on Monday, just days after the president appointed a new Central Bank governor.

“Eight years in the public banking field is enough,” Amer was quoted by state run agency MENA as saying, adding it was time to pave the way for new leadership.

Amer's resignation came amid tight economic conditions, and other changes of leadership at major banks are expected when newly-appointed Central Bank Governor Hesham Ramez assumes office on 3 February.

Amer is a prominent figure in Egypt's banking industry. He had served as deputy Central Bank governor from November 2003 to April 2008, before leading the National Bank of Egypt. Amer also chairs the Federation of Egyptian Banks and was a top nominee for president of the Union of Arab Banks.

Mohamed Barakat, the Arab Union's deputy chairman and CEO of Banque Misr, is Amer's most probable successor.

Amer, Barakat, and Ramez were all possible nominees for Central Bank president. But Egyptian President Mohamed Morsy selected Ramez due to his long expertise in financial management, especially during the post-January revolution period, which witnessed remarkable stock market stability despite an outflow of investment worth of more than US$16 billion and eroding international reserves.

On several occasions, Amer hinted that he may resign after coming under criticism for his ties to Alaa and Gamal Mubarak, the sons of former President Hosni Mubarak. Amer repeatedly denied any such ties.