NEW Head for NBE

In A Move which surprised members of banking sector, the Deputy Governor of the Central Bank Of Egypt (CBE) Tareq Amer was appointed head of national bank of Egypt (NBE) for three years .Amer replaces outgoing Chairman Hussien Abdel-Aziz NBE has LE162 billion in deposits, which is a 20 per cent stake of all banking sector deposits, and largest lender with extended loans of LE89 billion.

The sector did not expect Amer to leave CBE since he was seen as heir apparent to CBE Governor Farouk El-Okda. Moreover, Amer’s name was not high on the list on the nominees to head Egypr’s largest bank . The list included names both inside and outside the NBE.

During his five-year tenure as CBE’s deputy governor, Amer was deeply involved in running the bank, managing monetary policies, restructuring the sector, as well as overseeing Egypt’s foreign reserves portfolio. Before moving to CBE, Amer was deputy chairman of Banque Misr and had along banking career in Citibank, Egyptian American Bank, Bank of America and the National Commerce and Credit Bank.