CIB 2021 Annual Report

Board of Directors

Mr. Sherif Samy

Non-Executive Chairman

Mr. Sherif Samy is an experienced senior executive and advisor in the areas of financial markets and services, investment, and corporate governance. He is currently Non-Executive Chairman of a real estate asset management company and serves on the boards of directors of the state’s project finance arm, the National Investment Bank, the Universal Health Insurance Authority, and several listed and privatelyheld companies in the education, venture capital, fund management, and private equity sectors. Additionally, he is a member of the Investment Board of the National Pension Fund and the UAE Securities and Commodities Authority’s International Advisory Board, as well as a member of the Board of Trustees at the French University in Egypt.

Mr. Samy served a four-year term, ending in 2017, as Chairman of Egypt’s independent non-banking Financial Regulatory Authority (FRA), where he achieved a major legislative and regulatory leap in capital markets, insurance, mortgage, leasing, private pensions, factoring, and microfinance.

He served on the board of the Central Bank of Egypt from 2013 to 2017 and its Monetary Policy Committee, and he chaired its Audit Committee. He was also Chairman of the Financial Services Institute and the Egyptian Institute of Directors and a member of the board of the country’s National Payment Council and its Anti-Money Laundering Unit.

In 2014, Mr. Samy was the first Egyptian to be elected to the board of the International Organization of Securities Commissions (IOSCO); he was reelected for a second term in 2016. He was also elected President of the Union of Arab Securities Authorities in 2016-2017. Prior to that, he was the Managing Director of Banque Misr’s investment arm, Misr Capital, and a board member of Banque du Caire. Starting 2007, he was appointed for several consecutive terms to the board of the investment promotion agency (GAFI).

Mr. Samy started his professional career with global consulting firm, Accenture, working at its Chicago, Riyadh, and Beirut offices. He graduated from Alexandria University’s Faculty of Commerce with high distinction and attended numerous executive programs at leading business schools in the USA and Europe in the areas of strategy, management, and investment.

Mr. Hussein Abaza

Chief Executive Officer and Managing Director

Mr. Hussein Abaza leads strategy and operations at CIB, Egypt’s premier private sector bank serving over a million customers, including corporate clients from among Egypt’s largest 500 institutions.

Mr. Abaza has been Chief Executive Officer and Managing Director since 24 June 2021, and Chief Executive Officer and a Member of the Board of Directors since March 2017. He assumed this position after a six-year run as CEO of Institutional Banking. Prior to this, Mr. Abaza was the Bank’s Chief Operating Officer and, from 2001 to 2010, its Chief Risk Officer responsible for managing credit, market, and operational risk across CIB.

Mr. Abaza is also a member of the Bank’s awardwinning investor relations program, which has helped CIB grow its market capitalization over tenfold since 2008.

Previously, he served as Head of Research and then Managing Director at EFG Hermes Asset Management from 1995 until his return to CIB in 2001.

Mr. Abaza joined CIB after obtaining his BA in Business Administration from the American University in Cairo. He has pursued post-graduate training and education in Belgium, Switzerland, London, and New York.

H.E. Dr. Amani Abou-Zeid

Lead Director, Non-Executive Independent Director of the Board, Member of the Risk Committee and Sustainability Committee, Chair of the Governance and Nomination Committee

Dr. Amani Abou-Zeid is the twice-elected African Union Commissioner in charge of Infrastructure, Energy, and Digitalization. For over 30 years, Dr. Abou-Zeid has served in leadership positions in international organizations and has amassed a remarkable mix of experience across continents and stakeholders.

Dr. Abou-Zeid led and launched numerous African continental programs and initiatives, including Single African Air Transport Market, African Single Electricity Market, and First African Digital Transformation Strategy. She also developed the second 10-year Programs for Infrastructure Development in Africa, thus delivering on the African Union Agenda 2063.

Prior to her current post, she managed AfDB’s largest operational portfolio and implemented national and continental multi-sectoral development programs, including implementing the world’s largest solar power plant.

An Egyptian national, Dr. Abou-Zeid has a multidisciplinary education, with a BSc in Electrical Engineering from Cairo University, an MBA from Université Senghor, an MPA from Harvard University and a PhD in Social and Economic Development from the University of Manchester.

Dr. Abou-Zeid was selected multiple times as one of the Most Influential African Women, and one of the Most Reputable Africans. She was awarded the Order of Ouissam Alaouite from H.M. King of Morocco, named “Personalité d’avenir” by France, and received the “Outstanding Alumni Award” from the University of Manchester, UK — some of numerous international awards and recognitions.

Dr. Abou-Zeid is member of the prestigious Global Leaders Broadband Commission for Sustainable Development, the Global Commission for Urgent Action on Energy Efficiency, and the Stewardship Board for System Initiative on Shaping the Future of Energy.

Dr. Abou-Zeid sets an example for women in STEM, leadership, and decision-making positions. She has long been named and recognized as a champion of gender equality and women empowerment.

Dr. Abou-Zeid is passionate about classical music, plays piano, is a certified alpinist, and competes for top positions in desert car rallies, among other interests and activities.

Mrs. Magda Habib

Non-Executive Independent Director of the Board, Member of Audit Committee, Operation and Technology Committee, and Compensation Committee

Mrs. Magda Habib is the co-founder and Chief Executive Officer of Dawi Clinics, a chain of primary care clinics established in Egypt in 2016. She has vast experience in the technical, information technology, electronic payments, and smart banking solutions fields. She draws upon 25 years of expertise in various managerial arenas, including strategic brand management, consumer and retail marketing, corporate communications, and investor relations.

She was also a co-founder, board member, and Chief Commercial, Marketing, and Strategy Officer at Fawry Banking and Payment Technology Services. Mrs. Habib helped establish Fawry as the leading electronics payment platform in Egypt, with more than 50,000 payment points nationwide. Her journey with Fawry culminated with a successful exit to a consortium of private equity funds in 2015.

Prior to Fawry, Mrs. Habib spent nine years as a member of Raya Holding’s executive team, where she played a key role in the merging and development of Raya Group, as well as being responsible for the creation and development of the Raya brand during its evolution into one of Egypt’s leading technology players.

Mrs. Habib obtained an MBA from INSEAD, France. She holds a BSc with Honors in Computer Science from AUC.

Mr. Paresh Sukthankar

Non-Executive Independent Director of the Board, Member of Audit Committee, Risk Committee, and Governance and Nomination Committee

Mr. Paresh Sukthankar has been a banker for over three decades. He was part of the core team that founded HDFC Bank Ltd. in 1995 and helped transform it into one of India’s leading, most respected financial institutions. At HDFC Bank, Mr. Sukthankar contributed to various key areas, including credit, risk management, finance, human resources, investor relations, corporate communications, and corporate social responsibility. He also led the teams managing HDFC Bank’s two acquisitions and its equity capital issuances in the domestic and international markets. Mr. Sukthankar was inducted on the Bank’s board as Executive Director in 2007 and was promoted to the post of Deputy Managing Director in 2014. Mr. Sukthankar resigned from HDFC Bank in 2018.

Mr. Sukthankar is a member of various committees formed by Reserve Bank of India and Indian Banks’ Association. Prior to joining HDFC Bank, Mr. Sukthankar worked in Citibank from 1985 to 1994 in various departments, including corporate banking, risk management, and financial control. Mr. Sukthankar is currently Lead Partner in Sanaksh Advisors LLP, a firm he founded to provide advisory services to private equity, venture capital, and other entities. He is also a member of the Board of Management of the Jamnalal Bajaj Institute of Management Studies, University of Mumbai; the Advisory Board of two NGOs, Project Mumbai and KSWA’s Yuva Parivartan; and the Academic Advisory Council of the College of Supervisors of the Reserve Bank of India.

Mr. Sukthankar received a BCom from Sydenham College and an MBA from Jamnalal Bajaj Institute of Management Studies, University of Mumbai. He has also completed the Advanced Management Program (AMP) from Harvard Business School.

Mr. Rajeev Kakar

Non-Executive Independent Director of the Board, Chair of the Operations and Technology Committee and the Compensation Committee, Member of Governance and Nomination Committee

Mr. Rajeev Kakar is a seasoned banker, business founder, entrepreneur, and corporate board member with over three decades of global banking experience and expertise in financial services. He specializes in Emerging Local Corporate/Commercial/MSME/ Retail Banking, across multiple countries, with focus on high-growth emerging markets in the Asia Pacific/ China, Europe, Indian Sub-Continent, MENA/GCC, and Central/Eastern Europe regions. Mr. Kakar has a strong track record of successfully operating large banks and financial institutions and leading business turnarounds, with a demonstrated ability to conceptualize and execute multi-country business strategies, lead acquisitions and business/digital transformations, launch greenfield financial services businesses, and deliver profitability over a sustained period, while contributing to the community and serving on several boards across different countries.

He started his career at Citibank NA, where he worked for two decades and, in his last role, served as the Regional Head and CEO for Citibank’s Turkey, Middle East, and Africa region until 2006. He moved on to become the Global Co-Founder of Fullerton Financial Holdings, Singapore, where he served for 13 years on the Global Management Board as its Executive Vice President and Global Head of Consumer Banking, and was CEO-CEEMEA region of Fullerton Financial from 2006 to 2017. He is also the founder of Dunia Finance LLC, Fullerton’s UAE subsidiary, where he served as Founder Managing Director and CEO until 2018. Mr. Kakar also serves on the boards of several banks and financial institutions, namely Eurobank Ergasias SA (Greece), Gulf International Bank (GIB Bahrain), Gulf International Bank (GIB Saudi Arabia), Commercial International Bank (Egypt), and UTI Asset Management Company (India). He has also been a member of the Global Advisory Board of the University of Chicago’s Booth School of Business since 2009.

Mr. Jay-Michael Baslow

Non-Executive Independent Director of the Board, Chair of the Risk Committee and Sustainability Committee, Member of the Compensation Committee

Mr. Jay-Michael Baslow brings to the Board a variety of banking experience acquired during the past four decades. Mr. Baslow spent the last 16 years of his career in Risk Management at J.P. Morgan, covering a range of sectors. Prior to his 2019 retirement, he was the Head of EMEA Risk Management for the bank’s Wealth Management organization and the Chief Risk Officer of J.P. Morgan International Bank Ltd, its London-based private bank. Prior to that, Mr. Baslow worked in Credit Risk Management, covering a variety of corporate and financial sectors and EMEA regions, including over three years based in Dubai as Head of MENA Credit Risk and then returning to London as the Head of EMEA Emerging Markets Credit Risk.

During the late 1990s, Mr. Baslow was an Investment Banking Client Executive at Chase Securities, covering global telecommunications operators and equipment manufacturers from the bank’s New York headquarters. He started his career with Chemical Bank in the 1980s, first as a technologist and then as a real estate investment banking analyst.

In addition to his banking experience, Mr. Baslow was a strategy consultant in the Media & Telecoms industry at Booz Allen Hamilton. He co-founded Frictionless Commerce Incorporated, a strategic sourcing software startup in Cambridge, MA, where he was Chief Financial Officer and a member of the Board. He was also the Associate Dean for Resource Development at Harvard Medical School, overseeing the major gifts and planned giving operations.

Mr. Baslow received a BA in Mathematics from the University of Pennsylvania and an MBA in Finance from the university’s Wharton School.

Mr. Tarek Rouchdy

Non-Executive Independent Director of the Board, Chair of the Audit Committee, Member of the Operations and Technology Committee and Sustainability Committee

Boasting four decades of experience with local, regional, and international banks and financial institutions, Mr. Tarek Rouchdy brings a wealth of knowledge and experience in internal audit, controls, and risk management. He currently manages his consulting firm and is a Commissioner of the UK’s Independent Commission for Aid Impact.

Mr. Rouchdy’s professional career spans Egypt, Europe, Africa, and the Arab region. He is a former Head of Internal Audit at the European Bank for Reconstruction and Development and the African Development Bank. He also worked at the Italian International Bank in London and the Bank of Nova Scotia, among others.

Mr. Rouchdy holds a BA in Economics from the American University in Cairo. He is an Associate of the Chartered Institute of Bankers, an Associate and Fellow of the Chartered Association of Certified Accountants, and he holds a Diploma in Corporate Treasury Management from the Chartered Institute of Corporate Treasurers.

Executive management

Mr. Hussein Abaza

Chief Executive Officer and Managing Director

Mr. Abaza has been Chief Executive Officer and Managing Director since June 24, 2021, and Chief Executive Officer and a Member of the Board of Directors since March 2017. He assumed this position after a six-year run as CEO of Institutional Banking. Prior to this, Mr. Abaza was the Bank’s Chief Operating Officer and, from 2001 to 2010, its Chief Risk Officer responsible for managing credit, market, and operational risk across CIB.

Mr. Abaza is also a member of the Bank’s awardwinning investor relations program, which has helped CIB grow its market capitalization over tenfold since 2008.

Previously, he served as Head of Research and then Managing Director at EFG Hermes Asset Management from 1995 until his return to CIB in 2001.

Mr. Mohamed Sultan

Chief Operating Officer

Mr. Mohamed Sultan joined CIB as Head of Consumer Operations in 2008, and within six months, he was appointed Head of the Operations Group. In September 2014, Mr. Sultan was appointed Head of Operations and IT before assuming his role as COO.

Under his leadership and management, the Operations Group was significantly developed, resulting in major expansions within the operations function. New divisions were established, serving the expansion of the business or merging several operations divisions, including Corporate Services, Alternative Channels, and Real Estate and Facility Management.

In his continuous efforts to enhance the Bank’s internal and external customer experience in alignment with CIB’s overall objectives and strategic goals, multiple departments were established, including Treasury Middle Office, Operations Control Management, Retail Operations, Customer Care and Experience, as well as the Sustainable Development Department.

His vision brought about the establishment of the Security and Resilience Management Group, with a clear strategic mandate to develop and firmly establish the Bank’s business continuity and cyber security management capabilities. Under his leadership, CIB has obtained multiple reputable certifications in the Security and Resilience Management domains, including ISO 22301:2012 for Business Continuity Management, ISO 27001:2013 for Information Security Management, and PCI – DSS (Payment Cards Industry – Data Security Standards) Certification, positioning CIB as a pioneer and leader among peer financial institutions in the market.

In 2015 and 2016, Mr. Sultan led a major transformation strategy in the IT Department, adding significant value to existing technology and enhanced infrastructure. The aim was a more solid foundation that provides superior services to customers and allows the business to grow smoothly as the Bank moves forward. Mr. Sultan has also been leading programs under the Bank’s Strategic and Digital Transformational Agenda and has played a significant role in expediting the adoption of digital technologies with the aim of maintaining CIB’s role as a market leader in this domain. He is currently leading the initiative of adopting an Agile Operating model in the bank along with the ongoing digital transformation.

Prior to joining CIB, Mr. Sultan held the positions of Vice President of Branch Operations and Control Management at Mashreq Bank and Country Operations Head at the National Bank of Oman. He attended several leadership programs in top business schools, and he is also an alumnus of INSEAD Business School.

Mr. Amr El Ganainy

Chief Executive Officer - Institutional Banking

Mr. Amr El Ganainy is an esteemed financial industry executive, with over 35 years of experience. Since graduation from the Faculty of Commerce, Cairo University, in 1985, he pursued his first career step as a Senior Dealer at Suez Canal Bank in 1987, before moving to Export Development Bank as a Chief Dealer in 1994.

In 1996, he joined United Bank of Egypt as part of the new management team tasked with revamping the bank as Treasurer and Head of Correspondent Banking. Mr. El Ganainy joined CIB in 2004 as part of the General Management team to lead the Financial Institutions Group, which, under his leadership, comprised Correspondent Banking, Non-Bank Financial Institutions, and Development Finance.

This success was a continuation of his prior excellence in achieving turnaround stories for organizations. Mr. El Ganainy is JP Morgan – London Credit certified since 2005. He has laid the foundation for the Institutional Banking division at CIB through his strong business relationships in the market on the local and regional fronts. He was tasked by CIB’s management in 2010 to build a Global Customer Relationship Management team.

He has been the CEO of Institutional Banking at CIB since his appointment in 2017. Through providing strategic vision, direction, leadership, and guidance to this division, he has worked toward short- and medium-term strategic objectives, while aligning with the Bank’s philosophy, mission, and overall strategy.

International Exposure and Affiliations

Mr. El Ganainy’s exposure has stretched globally; he was the first Egyptian and youngest Chairman of the InterArab Cambist Association (ICA) based in Beirut, Lebanon. He is also a Founder of ACI Egypt, a non-profit, non-political association engaged in professional trading, broking, operations, regulatory, and compliance activities in foreign exchange, money fixed income, and derivatives markets. He served as Chairman for two terms and has remained a member.

Mr. El Ganainy is an active member at the Institute of International Finance (IIF), representing CIB at annual IMF and IIF meetings. These diverse experiences warranted him invitations to AMCHAM and BEBA, among other international tourism conferences across the Middle East, Europe, and the USA.

Mr. El Ganainy represents CIB in the Boards of Directors of a number of affiliate institutions, chairing the Board of Directors of Falcon Group, which overperformed under his leadership. He also represented CIB on the CI Capital Board of Directors, another successful affiliation of the Bank.

With his renowned reputation and widely acclaimed experience, Mr. El Ganainy served as board member in large corporations in Egypt spanning the aviation, financial services, and telecommunications industries. He was also elected to serve on the board of Misr for Central Clearing, Depository, and Registry Co. for five consecutive terms since 2005.

Mr. Ahmed Issa

Chief Executive Officer of Retail Banking, Member of the Management Committee

Mr. Ahmed Issa is the Chief Executive Officer of Retail Banking and a Member of the Management Committee at CIB. He is responsible for strategy formulation and execution across CIB’s consumer banking and business banking.

Starting his banking career in 1993 in CIB branches, Mr. Issa attended CIB’s industry-leading credit course in 1994 and was later promoted through the ranks within CIB’s corporate banking and investment banking divisions between 1995 and 2001. In 2001, he took a two-year study break to earn an MBA degree at UNC-Chapel Hill. He returned in 2003 to establish CIB’s Strategic Planning division.

During his career, he took on notable positions, such as Head of Research at CIBC; Managing Director of CI Capital Investment Banking; Head of Financial Institutions Group at CIB Corporate Banking; Group CFO at CIB; Chairman of Corplease, the leading lease finance company in Egypt; Chairman of Falcon Group, Egypt’s largest security company; and the first Head of Strategic Planning at CIB.

He is an elected Director at the American Chamber of Commerce in Egypt and the previous Chair of its Banking Committee (2020-2021). He is an Independent Director of the Board of Directors of EgyptAir Holding Company and Information Technology Industry Development Agency (ITIDA). Mr. Issa is also a member of the Mastercard MENA Leadership Council and a volunteer mentor for startups through Endeavor Egypt.

Ms. Hanan El Borollossy

Acting Chief Risk Officer

With more than 30 years of banking experience, Ms. Hanan El Borollossy joined CIB’s Corporate Banking Department in 1991 and attended CIB’s Credit Course in 1992 to begin her career as a credit analyst. Her responsibilities gradually expanded to include strategic and managerial functions required for her assigned portfolios.

In 2017, she was appointed as Deputy Chief Risk Officer overlooking CIB’s integrated Enterprise Risk Management (ERM) framework through managing and developing all key financial risk areas, including Credit Risk and Assets and Liabilities Management Risk. These included market, liquidity, and interest rate risks, as well as non-financial risks, such as operation, strategic, conduct, vendor management, IT, reputation, and social and environmental risks.

In January 2020, she was appointed as Acting Chief Risk Officer to lead a highly collaborative and proactive risk function that is able to navigate an increasingly complex business and regulatory environment through the integration of overall risk concepts and frameworks into the Bank’s strategy, while applying best practice methodologies and applications to mitigate those risks.

Ms. El Borollossy is a key member in senior committees in the Bank and is the Chairperson of the Non-Financial Risks and Compliance Committee, Business Banking Risk Committee, and Consumer Risk Committee.

Throughout her career, Ms. El Borollossy was chosen to represent the Bank by serving on the boards of several companies and affiliates, and she was Chairperson of Commercial Life Insurance Company (CIL).

Ms. El Borollossy received her BA in Economics and Political Science from the American University of Cairo (AUC) in 1983. She has since attended different postgraduate studies and trainings in different corporate, investment, marketing, leadership, risk, and strategic management areas provided by reputable international financial institutions, including INSEAD, DC Gardner, and Euromoney.

Ms. Nevin Wefky

Chief Executive Officer, Corporate Credit and Investment

After graduating from the German School in Cairo (GUC) in 1981 and receiving her BA in Business Administration, with the highest honors, from the American University in Cairo (AUC) in 1985, Ms. Wefky joined CIB in 1986 and finished the Credit Course in February 1987. She then joined the Corporate Banking Group. Throughout her banking career, Ms. Wefky completed various post-graduate training courses in the USA, the UK, and Europe, covering different areas, such as corporate, risk, investment, and strategic leadership.

In March 2017, Ms. Wefky was appointed Deputy CEO, Institutional Banking, handling both the Corporate Banking Group and the Global Customer Relations Group. She is currently the President of Corporate Credit and Investment in December 2017, handling the Corporate Credit Banking Group, Direct Investment Group, and Debt Capital Market Group. She joined the Bank’s Management Committee in October 2020 and was appointed Chief Executive Officer of Corporate Credit and Investment in February 2021.

Under her leadership, the Bank’s corporate loan book has more than quadrupled in the last 10 years. Ms. Wefky is currently overseeing a transformation project for the corporate functions across the value chain, aiming to migrate the entire corporate lending cycle to an electronic solution, thus streamlining all business, risk, and operation processes and paving the way for future CIB employees to continue leading the corporate finance market.

Throughout her career, Ms. Wefky was chosen to represent CIB as a board member, Managing Director, and Chairman at several affiliates. She is an active member in several committees within the Bank, such as the High Lending and Investment Committee, Asset and Liability Management Committee, Non-Financial Risks and Compliance Committee, and Pricing Concession Committee.