Housing and Development Bank re-elects Ghanem as MD, and appoints former Misr Ins. chair as non-executive chair

According to multiple news sources, the Housing and Development Bank (HBD) board has re-elected Hassan Ghanem as the managing director and chairman of the bank.

Additionally, Basel El Hinias, the former chairman of Misr Insurance Holding, has been appointed as the non-executive chairman.

This change in positions is in compliance with the new Central Bank and Banking System Law, which was issued in September 2020 and requires the separation of the non-executive chairman of the board of directors and the CEO roles.

Since taking over as MD in 2019, Ghanem has led HBD to strong financial performance, including a 23.3 percent increase in net profit (after taxes) to reach LE 2.257 billion by the end of 2022.

El Hini, who has more than 40 years of experience in commercial and investment banking, including serving as managing director of Banque du Caire and Naeem Financial Investments, resigned from his position as chairman and managing director at Misr Insurance Holding in January before assuming the non-executive chairmanship at HBD.