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Head of Egypt's largest public bank resigns

Tarek Amer, chairman of National Bank of Egypt, has reportedly resigned from his position; no reasons have been announced

Ahram Online, Monday 14 Jan 2013
Tarek Amer
Tarek Amer chairman of National Bank of Egypt (Photo: AFP)
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The chairman Egypt's largest public bank, the National Bank of Egypt (NBE), has resigned, a source familiar with the matter has told Ahram Online.

According to the same source, Tarek Amer, who was in charge at the bank for five years, had presented his resignation several times during the rule of the Supreme Council of the Armed Forces after the 2011 uprising, but it had been rejected.

It is not yet clear if the president has accepted his resignation.

Amer was not available for comment on the matter.

In an interview with Ahram Online last year, Amer said NBE managed some LE300 billion ($45.7 billion) in assets, the largest sum in Egypt.

In January 2012, NBE announced an increase in net profit before tax of 14 per cent, to reach LE4.2 billion ($600 million) in the 2010/11 financial year.

Net profit after tax reached LE2.1 billion ($304 million), the highest in the bank's history.

Amer served as a deputy governor of the Central Bank of Egypt for a year in 2007.

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