NSB Board of Directors discuss restructure, development plans

Daily News Egypt
2 Min Read

The Board of Directors at the Nasser Social Bank (NSB) has held a meeting, chaired by Minister of Social Solidarity Nevin El-Kabbaj, in the presence of the bank’s Vice-Chairperson and Managing Director Mohamed Ashmawy.

El-Kabbaj said the meeting dealt with a range of topics, including the restructuring of the Board of Directors to include a select group of experts in economics, Islamic finance, banking, and the legal sector. The meeting also saw discussions on the study submitted by Prime Consulting regarding the bank’s restructuring and development, the minister said.

For his part, Ashmawy noted that the goal of the bank’s restructuring is to reorganise the mechanisms of its work, whilst providing the best social financial and non-financial solutions for the groups most in need. This aims to create an effective way to combat poverty, given the bank’s pioneering work in sustainable development.

The project was implemented in three successive stages, namely the start-up phase, the diagnostic stage, and the strategy development stage.

Ashmawy noted that, during the meeting, the new formation of committees related to the Board of Directors was also approved, with each committee responsible for a specific file. The committees include the Internal Audit, Risk and Compliance Committee, the Strategic Planning and Institutional Development Committee, as well as the Investment Committee.

The new Board of Governors includes Egypt’s Grand Mufti Shawky Allam, Chairperson of the National Post Authority Sherif Farouk, and Legal Adviser to the Ministry of Social Solidarity Ahmed Shahat Ismail. Also on the Board of Governors are Basil Mohamed Ibrahim Al-Hini, Hani Muhammad Mahmoud Abdul Mageed, Hala Shaker Tolba Sakr, Amr Kamal Abu Al-Azm, and Sahar Mohamed Aly El Salab.

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