Boom in SCBank’s performance indicators since Hussein Refai assumed chairpersonship 5 years ago

Hossam Mounir
5 Min Read

Since assuming his role as Chairperson and Managing Director of the Suez Canal Bank (SCBank) in 2017, Hussein Refaie has been able to restructure the bank and expand all banking activities across the board, in addition to dealing with legacy files, positively affecting its performance indicators.

Refaie established new departments in the bank with the support of specialised and dedicated teams, such as the Retail Banking Department, Syndicated Loans Group, and SMEs Group. On the back of these newly created departments, the bank was able to introduce highly competitive financial products and services to the Egyptian market.

In recognition of the efforts and achievements of the bank on many fronts, SCBank has been awarded 19 classified awards in past five years.

International Finance Magazine (IFM), which specialises in emerging markets, also awarded Refaie the Best CEO Award for 2022.

The award goes to leaders that have provided the highest standards of development, growth, and excellence throughout their organisations.

This honour is a reflection for the persistence of success for SCBank after being ranked among Forbes’ list of the 50 most powerful Egyptian organisations that are listed in the Egyptian Exchange (EGX) for 2022.

Moreover, the award comes as a result of the apparent developments witnessed in the bank during the past five years.

SCBank arranged numerous syndicated project finance loans utilising the management’s solid banking alliances in strategic sectors, such as oil and gas, electricity, and logistics associated with the expansion plans of the country.

In alignment with the government and CBE’s focus on digital transformation and remodelling the banks technology infrastructure, SCBank implemented and enhanced services related to technology and the improvement of services to easily meet the needs of their customers, such as e-wallets and online banking, in addition to investing in key market players in the area of incubation and accelerators of fintech funds.

Furthermore, SCBank added 15 new branches in the past five years to reach a total number of 49 branches across Egypt, two of which are smart branches, in addition to giving the bank’s visual identity a facelift.

Also, Refaie did not overlook the interest in supporting and contributing effectively to social responsibility programmes to reach the goals of sustainable development related to the country’s 2030 Vision. The bank adopted an integrated plan for the automation of banking products in line with customer requirements to support financial inclusion according to the CBE’s framework.

Along with his management team, Refaie succeeded in executing significant development in the bank that not only encompasses its considerably improved financial indicators but also regained SCBank state of distinction and excellence.

The bank’s capital base reached EGP 5.9bn by the end of September 2022, compared to EGP 1.7bn in FY2016 — an increase of EGP 4.2bn with a growth rate of 247%. Total assets rose from EGP 31bn to EGP 67bn by the end of September 2022 with a growth rate of 116%. Issued and paid in capital increased from EGP 2bn to EGP 3.6bn.

Customer deposits increased from EGP 24.1bn to EGP 57.8bn — a growth rate of 140%. Net loans and facilities grew from EGP 8.6bn to EGP 28bn with a growth rate of 224%.

Additionally, net profit grew to 735m in September 2022, up from September 2021’s 377mn — a growth rate of 95%.

The bank also established a strategic plan to exit from legacy investments and repossessed assets and succeeded in reducing non-performing debts to reach 4% in 2022 compared to 52% in mid-2017.

Refaie has over 35 years of experience in the field of banking, financial services, and multinational corporations. He currently serves as chairperson and managing director of the bank. Moreover, he sits on the Board of The Federation of Egyptian Banks and the CGC Credit Guarantee Company.

He holds an MBA from Thunderbird University of International Management from Arizona, a CPA from Washington, and an International Certificate in Leadership from Harvard University in Boston.

Share This Article