*Cairo, Egypt* – Banking sources have revealed the nomination of Soha El-Turki, former Vice President of the European Bank for Reconstruction and Development (EBRD), for the position of Vice President of Banque du Caire in the upcoming changes. It is expected that El-Turki will join Hussein Abaza, who is anticipated to become the Chairman of the Board, succeeding the current Chairman Tarek Fayed.
Sources indicated strong agreement on El-Turki’s nomination due to her extensive experience with Banque du Caire. El-Turki has served as Vice President of the EBRD since February 2020, and has held significant roles such as CFO at Banque du Caire and Abu Dhabi Islamic Bank, and Head of Business Development at Barclays Bank Egypt.
El-Turki boasts a rich resume, including serving on the Board of Directors of Emaar Misr for Development between 2018 and 2020, and holding leadership positions at Barclays Bank Egypt and Citibank Egypt. She also worked as a financial analyst at Procter & Gamble from 1994 to 2000.
El-Turki holds a postgraduate diploma in financial strategy and corporate finance from the University of Oxford, as well as a Master's and Bachelor's degree in Business Administration from the American University in Cairo.
In related news, previous sources have reported that Tarek Fayed will leave his position at Banque du Caire, with speculation that he will assume a senior role at a Gulf bank in Egypt. Hussein Abaza, the current CEO of Commercial International Bank (CIB), is considered the leading candidate to succeed Fayed.
Recent months have witnessed significant leadership changes in the banking sector, such as Akef El-Maghraby’s move from Banque Misr to Suez Canal Bank as CEO, succeeding Hussein El-Refaie who became the Chairman of the Industrial Development Bank.
The banking and economic communities in Egypt are anticipating further leadership changes in the coming period, particularly within the country’s largest public banks, the National Bank of Egypt and Banque Misr, as well as other banks that may undergo leadership changes, including the Egyptian Arab Land Bank.
In August, Egyptian Prime Minister Dr. Mostafa Madbouly issued decisions to extend the terms of the boards of directors of the National Bank of Egypt, Banque Misr, Banque du Caire, the Egyptian Arab Land Bank, and the Industrial Development Bank until the approval of their budgets.
