Regulatory Alerts2016-03-23
Added · Updated
Circular dated March 23, 2016 regarding the maximum term for the chief executive officer in banks
The Central Bank of Egypt sets a maximum term of nine years, whether continuous or separate, for the Chief Executive Officer in banks. For banks issued by a Cabinet Resolution appointing the CEO, this limit applies directly. For private sector banks, if the CEO exceeds the nine-year limit, they remain in office until the first General Assembly meeting approving the annual financial statements; banks exceeding the limit on December 31, 2015, have a grace period until the General Assembly meeting approving the 2015 financial statements for the following year, subject to Central Bank approval. Foreign bank branches are also subject to the same nine-year maximum term.
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