How Can We Help You ?

Hussein Refai, CEO and Managing Director of the Industrial Development Bank (IDB), revealed that the new Board of Directors aims to bring about a qualitative shift in the bank’s performance during the coming period. This ambitious goal will be powered by the unique competencies present in the newly formed board, which will play a major role in implementing a comprehensive development plan for the bank.

In an exclusive statement to First Bank, Refai said:
"I extend my congratulations to all my colleagues in the new Board of Directors. Each of them possesses unique and diverse expertise that will perfectly complement the formulation of the bank’s policies and the shaping of its future objectives. The upcoming period requires intensive efforts from everyone to achieve the targeted results and enhance the overall performance of the Industrial Development Bank."

Refai confirmed that the new Board of Directors and the bank’s executive management will take swift steps to commence serious work. All members will operate as a single, well-organized team to achieve clear objectives, putting the bank on the right track towards strong growth in its indicators, service quality, and technological performance in the Egyptian market. He noted that the new executive management will further strengthen the bank’s team by recruiting new talents and offering various support programs to the existing staff, stressing: "I am confident they are capable of achieving our objectives."

On Monday, the Industrial Development Bank announced an increase in its issued and paid-up capital from EGP 500 million to EGP 5 billion, in compliance with the requirements of the Central Bank of Egypt’s regulations. This move also involved raising Banque Misr’s share in the Industrial Development Bank’s capital to reach 85.04%.

Experts and observers in the financial sector expect the bank to deliver record performance under the leadership of the new Board of Directors, which boasts highly qualified and diverse banking expertise, especially with Hussein Refai serving as the bank's new CEO.

Refai brings with him over 40 years of accumulated financial experience in both the local and international financial sectors. He has previously held numerous prestigious positions, the most recent of which was Chairman and Managing Director of the Suez Canal Bank from May 2017 until the end of March 2024. During his tenure, he successfully implemented a comprehensive restructuring plan, transforming the bank from a loss-making entity into one of the fastest-growing banks in Egypt in recent years.