Thirteen GCC banks, across all six states, are in merger discussions, with most hoping to complete agreements by the end of the year. Our Editor describes the projected mergers and provides some statistics.
Tarek Amer Appointed as Governor of Central Bank of Egypt
Tarek Amer has been appointed to succeed Hisham Ramez as Governor of the Central Bank of Egypt. He will begin his four year term on 27 November.
Ramez tendered his resignation five weeks before his term of office was due to expire, on 26 November.
Amer was First Deputy Governor of the Central Bank of Egypt from 2003 until 2008, when he became Chairman of National Bank of Egypt. In 2013 he moved to London to head National Bank of Egypt's London subsidiary. Earlier in his career, Amer worked for Bank of America and Citibank and was Deputy Chairman of state-owned Banque Misr.
Ramez has been under pressure over the Central Bank's monetary policy. After defending the value of the Egyptian pound, Ramez let it slip in recent weeks, but he also imposed restrictions on the distribution of dollars by major banks. The business community in Cairo is now looking to Amer for quick and decisive action to stabilise the pound's value. During his time as First Deputy Governor of the Central Bank of Egypt, Amer was responsible for strengthening the management of Egyptian monetary policy.
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