Industrial Development Bank approves EGP 5bn capital increase, boosting Banque Misr’s stake

Hossam Mounir
4 Min Read

The General Assembly of the Industrial Development Bank (IDB) has approved an increase in the bank’s issued and paid-up capital from EGP 500m to EGP 5bn, in compliance with the requirements of the Central Bank of Egypt. This move also raises Banque Misr’s stake in the capital of IDB to 85.04%.

Additionally, the assembly approved the election of the bank’s Board of Directors for a new three-year term from 2024 to 2027.

In its first meeting with the new composition, the Board appointed Hussein Refai as CEO and Managing Director of the bank, succeeding Ghada Beily, who led the bank from September 2020 to June 2024. Akram Tinawi was appointed as the Non-Executive Chairperson of the Board, and Menan Awadallah was appointed as Deputy CEO.

The new board also includes Abdelaziz Nasser, Hany El Kallaly, Nevine Gamea, Hassan Hejazi, Wael Ziada, and Nashaat Mourtada.

Hussein Refai brings over 40 years of extensive banking experience from institutions such as Citibank, Barclays Bank Egypt, Société Générale, Bristol-Myers Squibb, and ICL Egypt. He served as CFO at these institutions before joining the National Bank of Egypt in August 2008 as Group CFO. He later became an Executive Board Member overseeing finance, foreign relations, and treasury in April 2015. He was part of the team responsible for the comprehensive restructuring of the National Bank of Egypt.

Before joining the Industrial Development Bank, Refai was the Chairperson and Managing Director of Suez Canal Bank from May 2017 to March 2024, playing a key role in restructuring the bank. He also served on various boards, including the Federation of Egyptian Banks from March 2020. Refai holds a Bachelor’s degree in Commerce from Ain Shams University (1982), a Master’s in International Management from Thunderbird University (1988), and a CPA from Washington (1993).

Menan Awadallah has over 30 years of experience in banking, finance, and investment, having held positions at EFG Hermes, CI Capital, and Delta Rasmala Asset Management. Since mid-2020, she has been the Head of Securitization and Finance at Commercial International Bank (CIB) Egypt, previously serving as Head of Corporate Sector and Risk Management. Her prior experience includes working as a Risk Analyst at Crédit Lyonnais in London. Awadallah holds a Bachelor’s degree in Economics with a focus on Business Administration from the American University in Cairo (1990), graduating with honours. She has completed advanced training programs in credit and investment from institutions like CIB and Intrados Group in Washington, a Diploma in Sustainable Finance from Cambridge University, and a Master’s in Leadership and Sustainable Finance from Frankfurt School of Finance & Management.

Akram Tinawi has over 30 years of banking experience and served as CEO and Managing Director of Arab Banking Corporation (ABC) Egypt from 2010 to June 2021. He has worked at several banks, including Egyptian American Bank, Bank of America, Citibank, and Barclays Bank Egypt. In addition to leading ABC Egypt, Tinawi was a board member at Arab Banking Corporation Algeria, the Egyptian Competition Authority, the Egyptian-Bahraini Business Council, and the Federation of Egyptian Banks. He was also an independent non-executive board member at the United Bank. Tinawi holds a Bachelor’s degree in Business Administration from the American University in Cairo (1988) and has completed numerous specialized banking courses in project finance, credit management, and advanced leadership.

The reformation of the Board of Directors and the capital increase are expected to strengthen the Industrial Development Bank’s strategic position and support its growth ambitions, enhancing its contribution to the Egyptian economy and the banking sector.


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