Fitch upgraded its rating on the Government of Egypt by one notch to B+ on 21 March, one notch higher than S&P and two higher than Moody's.
Big turnout for AGM
The Association's Annual General Meeting was held on 26 September. The meeting began at 6pm.
The Chairman, Abdulaziz al-Khereiji, opened the meeting, and noted that the Association is continuing to prosper, and is getting stronger, despite the many challenges facing the banking industry, both in the Middle East and globally.
The Treasurer, Neel Patel, presented the Association's accounts for 2015, which were similar, in terms of revenue and expenditure to those for 2014. Looking ahead, Neel said that revenues are up during 2016 as a result of increased corporate memberships and higher revenues from Arab Banker magazine. The Association's financial position is strong, Neel said.
The CEO, George Kanaan described the Association's activities, including recent and forthcoming meetings with the UK bank regulators. He also mentioned the Corporate Members lunches, which are proving very successful. George proposed that the Association create a new class of "Members Emeritus". This membership would be awarded by the Board to those who have now retired and given distinguished service to the Association. It will be free of charge. George's proposal was approved.
Andrew Cunningham, Editor in Chief, presented the latest edition of Arab Banker magazine, which had been received from the printers earlier in the day. This is the fourth edition of the re-launched Arab Banker. Andrew said that members would be received soft copies (in addition to hard copies) and he urged members to forward the magazine to their friends and colleagues. Andrew also described recent developments on the Association's website.
The meeting closed at 7pm and was followed by a buffet reception.
The photograph shows Vivien Davies, Company Secretary; Neel Patel, Treasurer; Abdulaziz al-Khereiji, Chairman; and George Kanaan, CEO.
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