Egypt’s Top Banks Swap CEOs in Surprise Move

In a surprising development within Egypt’s banking sector, the Egyptian Prime Minister, Dr. Mostafa Madbouly, has announced changes to the leadership of the nation’s two largest state-owned banks, Banque Misr and National Bank of Egypt. The decision, based on the recommendation of the Central Bank Governor Hassan Abdullah, sees Hesham Akasha, previously the head of National Bank of Egypt, taking over as the new CEO of Banque Misr. Concurrently, Mohamed El-Atraby, who previously led Banque Misr, will assume the leadership role at National Bank of Egypt. This move effectively swaps the positions of the two bank CEOs, with Akasha replacing El-Atraby at National Bank of Egypt and vice versa. The changes follow a decision made in September 2023 by Prime Minister Madbouly to extend the terms of the boards of directors for both National Bank of Egypt and Banque Misr until the approval of the 2023 budget.