Egypt Approves Resignation of State's Largest Bank Head

Egypt's Prime Minister Hisham Qandil accepted the resignation of the head of the state’s largest bank, Al-Ahram's Arabic-language news portal reported. Tarek Amer resigned as the chief of National Bank of Egypt (NBE) in January after holding the position for over four years. He also was the deputy governor of the central bank in 2007.

In an interview with Ahram Online last year, Amer said NBE managed some LE300 billion ($45.7 billion) in assets, the largest sum in Egypt. In January 2012, NBE announced an increase in net profit before tax of 14 per cent, to reach LE4.2 billion ($600 million) in the 2010/11 financial year. Net profit after tax reached LE2.1 billion ($304 million), the highest in the bank's history.