Reported by several news outlets, the changes in positions are in accordance with the new Central Bank and Banking System Law issued in September 2020
Hassan Ghanem will continue as the Housing and Development Bank’s (HBD) chairman and managing director after the bank’s board voted to re-elect Ghanem, and appointed former Misr Insurance Holding chairman Basel El Hinias as non-executive chairman.
Reported by several news outlets, the changes in positions are in accordance with the new Central Bank and Banking System Law issued in September 2020, which separates the positions of the “non-executive” chairman of the board of directors and the CEO.
Ghanem has been MD of HBD since 2019 and, under his leadership, the company has achieved strong financial indicators, including recording a 23.3% growth in net profit (after taxes) to reach EGP 2.257 billion at the end of 2022.
El Hini resigned as chairman and managing director at Misr Insurance Holding in January. HDB’s new non-executive chairman has over 40 years of experience in the commercial and investment banking sector, most notably as managing director of Banque du Caire and Naeem Financial Investments.
