The Egyptian Credit Bureau (I-Score) has announced that the company’s Ordinary General Assembly has approved the new Board of Directors headed by Mohamed Kafafi, Non-Executive Chairperson, and the appointment of Mohamed Korayem Ghanem as CEO and Managing Director, as of August 2023, and Sionara Al-Asmar as Deputy Managing Director. Al-Asmar will temporarily act as the caretaker managing director until August.
Thus, the new composition of the company’s board of directors includes Mohamed Kafafi, representative of the Export Development Bank of Egypt – non-executive chairperson, Korayem Sous, representative of the National Bank of Egypt – non-executive board member, Amr Hashem, representative of Banque Misr, non-executive board member, and Hala Kassar, representing Banque du Caire, a non-executive board member.
The formation also includes Amir El-Feki, representative of Credit Agricole Bank – non-executive, Ehab Raafat, representative of QNB Al-Ahli Bank, non-executive, Afzal Naguib, representative of Arab International Banking Company – non-executive, and Saber Emam, assistant deputy governor of the Central Bank, non-executive, with experience independent. Bassant Al-Basiouni is a non-executive with independent experience.
Mohamed Korayem, CEO and new managing director of the Egyptian Company for Credit Inquiries, I-Score, has more than 23 years of experience in the banking business, where he held the position of Deputy Governor of the Central Bank of Egypt for the protection of customer rights and competition sector, and he also worked in the corporate finance sector in NSGB, QNB Alahli, and Mashreq Bank before joining the Central Bank.
Mohamed Korayem was also a member of the boards of directors of a number of banks, including a non-executive board member, chairman of the audit committee at the Arab African International Bank, and a non-executive board member at the Egyptian Company for Credit Inquiries, I-Score.
Korayem also obtained many international certificates and training programmes, including the Executive Leadership Program Certificate from Harvard University in the United States of America.
Sionara El-Asmar, Deputy Managing Director, has more than 35 years of experience in the field of banking operations and information systems management, where she held the position of Head of Operations at Banque Misr for 3 years, and a membership of the Board of Directors of the Egyptian Company for Credit Inquiry I-Score, a membership of the Board of Directors and a non-executive president of the Misr Exchange, owned by Banque Misr, and also a member of the board of directors of the Egyptian Banks Company for Technological Advancement.
She also held several leadership positions in a number of banks, including Head of Operations Sector at Credit Agricole Bank for 16 years, and Head of Information Technology and Computer Sector at Egyptian American, Calyon, and Credit Agricole banks.
On 30 April, the Ordinary General Assembly of I-Score approved the company’s business results for the fiscal year 2022, and the company achieved a 54% growth in profits to reach EGP 333m in 2022, compared to EGP 215m in 2021.
The assembly approved the board’s proposal to distribute EGP 75m in cash dividends to shareholders, in addition to distributing bonus shares worth EGP 100m.
It is noteworthy that the database of I-Score covers more than 23 million individual clients and more than 560,000 small and medium companies with a value exceeding EGP 2trn.