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National Bank of Egypt chairman steps down

  • The chairman of the state-owned National Bank of Egypt (NBE) resigned from his post on Saturday.

    Prime Minister Hisham Kandil accepted the resignation of Tarek Amer according to a statement released by the cabinet. It did not explain the reason behind the move.

    Amer had held the post since 2008 and was responsible for major administrative and financial restructuring of the country's largest bank by assets, the cabinet statement said.

    The NBE was established in 1898 and was the last of Egypt's four main state-owned banks to bring in managers from the private sector as part of a reform process that began with Banque du Caire in 2000.