The Central Bank of Egypt (CBE) decided to appoint Ashraf Elkady as chairman of the United Bank of Egypt instead of Mohamed Ashmawy, who left the position at the bank in September 2015 after he was appointed as executive director of the Long Live Egypt Fund.
Elkady currently serves as assistant managing director of Suez Canal Bank, where his last day will be on Thursday.
Elkady previously served in several positions at the National Bank of Kuwait, Citibank Egypt, American Express, and Bank of America. In addition, he served as deputy chairman of the Mortgage Finance Authority and deputy chairman of the Mortgage Liquidity Facility.
CBE announced in February 2016 that the United Bank of Egypt will be sold in the stock market. CBE owns 99.9% of the bank it established in 2006, with the aim of integrating a number of banks in it.