Suez Canal Bank Wins Best CEO Award 2022 from the International Finance (UK)

International Finance Magazine -IFM (specialized in the emerging markets) has awarded Hussein Refaie - Chairman of the Board of Directors and CEO of Suez Canal Bank (Scbank) “The Best CEO Award for 2022”.

IFM rewards it to the officials of the institutions that have provided the highest standards of development, growth and excellence throughout their organizations; this award proceeds post extensive process of evaluation by specialized consultants.

It is worth mentioning, that this honors is a reflection for the persistence of success for Scbank; after being ranked among Forbes' list of the 50 most powerful Egyptian organizations that are listed in the Egyptian stock exchange for 2022.

The award comes as a result of the apparent developments witnessed in the Bank during the past five years. Since assuming his role in 2017, Hussein Refaie has been able to restructure the Bank and expand all banking activities across the board, in addition to dealing with legacy files. Refaie established new departments in the bank, with the support of specialized and dedicated teams, such as Retail Banking Department, syndicated loans group and SMEs group. On the back of these newly created departments, the bank was able to introduce highly competitive financial products and services to the Egyptian market. In recognition of the efforts and achievements of the bank on many fronts, Scbank has been awarded 19 classified awards in past five years.

Scbank arranged numerous syndicated project Finance loans utilizing the management’s solid banking alliances in strategic sectors; such as oil & gas, electricity, and logistics associated with expansion plans of the country. In alignment of the Governments and CBE’s focus on digital transformation and remodeling the banks technology infrastructure, Scbank implemented and enhanced services related to electronic technology and the improvement of services bondage to easily meet the needs of their customers; such as e-wallet, online banking… etc., in addition to the investment with key market players in the area of incubation and accelerators of Fintech funds.

Scbank added 15 new branches in the past 5 years to reach a total number of 49 branches across Egypt ; of which two state of the art smart branches were launched, in addition to the facelift of the visual identity of the bank and its network at large meeting customers’ services expectations.

Hussein Refaie did not overlook the interest in supporting & contributing effectively to the social responsibility programs to reach the goals of sustainable development related to the vision of Egypt 2030. The bank adopted an integrated plan for the automation of banking products in line with customer requirements to support financial inclusion in line with the CBE’s framework.

Hussein Refaie along with his management team succeeded in executing significant development in the bank that not only encompasses the bank’s considerably improved financial indicators but also regained Scbank state of distinction and excellence.

Key Financial Performance Indicators:
  • The bank’s capital base reached EGP 5.9Bn by the end of September 2022, compared to EGP 1.7Bn in FY 2016; an increase of EGP 4.2Bn with a growth rate of 247%.
  • Issued and paid in capital increased from EGP 2Bn to EGP 3.6Bn.
  • Customer deposits increased from EGP 24.1Bn in FY 2016 to EGP 57.8Bn by the end of September 2022 with a growth rate of 140%.
  • Total assets rose from EGP 31Bn in FY 2016 to EGP 67Bn by the end of September 2022 with a growth rate of 116%.
  • Net loans and facilities grew from EGP 8.6Bn in FY 2016 to reach EGP 28.0Bn by the end of September 2022 with a growth rate of 224%
  • Net profit achieved during FY 2021 amounted to EGP 605 million compared to EGP 210 million achieved during 2016 with a growth rate of 188%. Also achieved 735 million until September 2022 compared to 377 million in September 2021 a growth rate of 95%.
  • Established a strategic plan to exit from the legacy investments and repossessed assets and succeeded in reducing non-performing debts to reach 4% in 2022 compared to 52% in mid-2017.

IFM Magazine:

It is one of the largest media institutions specialized in the field of financial and business markets globally, especially in emerging markets and is headquartered in London.