The Prime Minister Ahmed Shafiq has accepted the resignation of the president of the Financial Supervision Authority (FSA), according to a statement from Egypt's cabinet on Sunday.
The statement said that Ziad Bahaa El-Din tendered his resignation and it was accepted by Shafiq, who appointed Ashraf El-Sharkawy, the first deputy of the FSA, to the vacant position.
Shafiq invited Bahaa El-Din to form a committee to prepare a draft law that prohibits any conflict of interest among high officials. Bahaa El Din was not available for comment.
Bahaa El-Din is a well-regarded technocrat considered close to Gamal Mubarak and his circle.
He was previously chairman on the board of directors of the Egyptian General Authority for Investment and Free Zones, and held a similar position at the much-criticised General Authority for the Development of the North West Gulf of Suez Special Economic Zone.
He holds four degrees, including a PhD in banking law from the London School of Economics.