Al-Watany Bank Of Egypt (AWB) announced that its managing director has resigned from the bank and stepped down from the board of directors. “Mrs Fatma Lotfy, managing director of AWB, left with a great sense of accomplishment, leaving behind a vibrant bank, with a strong financial position and a strong management team,” said Adel Ezzi, AWB's chairman.
“Mrs Lotfy did a great job in putting together a management team of the top bankers, that has been running the banks day-to-day business efficiently effectively, and competitively along side with its competitors ” added Ezzi.
AWB will remain focused on its stringent credit policy, as well as continuing with it's former released strategy, a bank press release read, “AWB will stay committed towards its shareholders, delivering the highest possible shareholder's value.”
AWB’s extraordinary general meeting (EGM), held Monday, August 5, has approved the issuance of five-year bonds worth500 million Egyptian pounds ($107.3 million), with a semiannual variable interest rate, 0.5 percent above the Central Bank of Egypt (CBE) discount rate.
AWB has been assigned by FitchRatings last May 2002 a Rating of BBB+ in its national long–term credit ratings, and F2 in its national short-term credit ratings, AWB also approved yesterday in its ordinary general assembly that preceded the EGA the appointment of Shawki & Co. as new auditors to the bank in addition to the existing, auditors KPMG. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
