Hussein Refaie: We aim to make a significant leap in IDB’s performance and work hard as a team

Hussein Refaie, CEO and Managing Director of the Industrial Development Bank, revealed that the new Board of Directors aims to achieve a significant shift in the Bank's performance in the coming period, armed with the unique competencies of the new composition that the new Board have, which will play a significant role in the implementation of a comprehensive development plan of the Industrial Development Bank.

Hussein Refaie said in special statements to First Bank: "I extend my congratulations to all my colleagues on the new Board of Directors, all of whom are unique and diverse competencies and will achieve exceptional cooperation in setting the Bank's policy and formulating the future goals, especially in the coming period that requires intensive efforts from all to achieve the targeted results and enhance the performance of the Industrial Development Bank."

Refaie confirmed that the new Board of Directors and the Executive management of the Bank will take quick steps to start working hard and all will work as a team to achieve specific objectives, put the bank on track of achieving strong growth in its indicators and service and technical performance in the Egyptian market, referring that the new executive management will support the Bank's team with new competencies, and various support programmes for existing competencies will be offered, stressing "I trust they can achieve our goals."

The new formation of the Bank's Board of Directors was announced by the Industrial Development Bank yesterday. The structure included:

•           Hussein Refaie, CEO and Managing Director of the Bank.

•           Akram Tinawi, Non-executive Director

•           Mennan Awadallah, Deputy CEO and Managing Director.

•           The new structure also included Dr. Abdel Aziz Nossier, Hani Alkalali, Nevin Gamea, Hassan Hijazi, Wael Ziada and Nashat Murtada as board members.

On Monday, the Industrial Development Bank announced an increase in the Issued and Paid up Capital from EGP 500 mn to EGP 5 bn, complying with the requirements of the Central Bank's law, with the increase in Banque Misr’s share in the capital of the Industrial Development Bank to 85.04%.

Experts and observers in the financial sector expect the Bank to achieve a record performance under the leadership of the new Board of Directors with significant and diverse banking competencies, especially in the presence of Hussein Refaie as the Bank's new Chief Executive Officer.

Refaie has financial expertise extend for more than 40 years in the local and global financial sector as he held many prestigious positions. The last position that he hold was Chairman and Managing Director of Suez Canal Bank from May 2017 until the end of March 2024, during which he was able to implement a comprehensive plan to restructure the bank and transfer it from a bank with financial losses to one of the fastest growing banks in Egypt in recent years.