First Bank’s vision came true after Banque Misr’s acquisition of the Industrial Development Bank

As events accelerate in the banking sector at the local and global levels and banks are racing to cope with the latest developments in the Fintech industry, to meet the needs of customers in the Egyptian market, attract new segments of customers to them, However, a number of banks are still unable to keep pace with all these changes and their share has declined dramatically, their role is limited compared to other banks operating in the sector, as well as their limited growth in key financial indicators.

Those banks included the Industrial Development Bank, which for many years has suffered from sharp degraded performance and record declines in its financial results and market shares, which prompted First Bank to publish a report entitled "Merger is the perfect solution to enhance the role of small banks in Egypt", On December 27, 2022, to call for enhancing the performance of small banks in Egypt, specifically the Industrial Development Bank and The Egyptian Arab Land Bank and we have proposed the dissolution of the merger or acquisition of these banks by large financial entities, To increase their ability to grow and sustain.

Yesterday, what First Bank called for achieved regarding Industrial Development Bank as the Bank announced yesterday that Banque Misr acquired more than 85% of its shares, with appointing a new board of directors under the leadership of the successful banker, Hussein Rifai, the Bank's new chief executive officer, appointed to put an end to the deterioration of the Bank's performance over the past many years.

Many banking experts expect Rifai to lead the Industrial Development Bank to a real reform and fundamental change in the Bank's policies, so that it can move from the deterioration to genuine competition with peers from other banks that have achieved unprecedented superiority in the banking market. 

In this new experience, Rifai is armed with the great achievements he has made over the past years, specifically during his leadership of the Suez Canal Bank between 2017 and 2024, and his success in achieving a pioneering success story with the bank, moving it from the ranks of losing banks that suffer from significant financial imbalances to leading the lists of the fastest growing banks in Egypt. 

Rifai must start hard work urgently because the legacy he has acquired in the leadership of the Industrial Development Bank is a heavy legacy that needs to work hard to achieve some positive results that can give the banking sector as a whole a glimmer of hope for the birth of a new competitor in the sector after it was nearly dead!