Mansour and Maghraby family members resign from Credit Agricole Egypt

MENA, Tuesday 3 Apr 2012

Relatives of Mubarak-era ministers have resigned from the board of directors, says bank in a statement

Credit Agricole
The Mansour and Maghrabi Group owns 17 per cent of Credit Agricole Egypt (Photo: Reuters)
Credit Agricole Egypt has accepted the collective resignation of board members related to Mubarak-era government ministers Mohamed Mansour and Ahmed El-Maghrabi, the bank said on Monday.
In a statement to Egypt's stock exchange, Credit Agricole Egypt announced the resignation of Mohamed Loutfy Mansour, the bank's chairman and a former transport minister.
yassen Mansour and Youssef Loutfy Mansour, both members of the bank's board, have also resigned, it added.
The Mansour and Maghrabi Group owns 17 per cent of the bank's LE1.14 billion worth of shares with Credit Agricole France owning 60 per cent. The remaining 23 per cent is held by various other institutions and individuals.
In January 2006, the Crédit Agricole Group and the El Mansour and El Maghraby for Development & Investment Group acquired a majority stake in the Egyptian American Bank, leading to the creation of Credit Agricole Egypt.
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