Sudanese Egyptian Bank Appoints New Managing Director

Veteran banker Amr Bahaa has been appointed the new Managing Director of the Sudanese Egyptian Bank

The Sudanese Egyptian Bank announced today the appointment of Amr Bahaa as its new Managing Director.

Bahaa, a former Assistant Managing Director and Executive Board Member of Piraeus Bank Egypt, will lead SEB as it continues to execute its carefully planned expansion strategy.

“I’m very pleased to accept this new position and become a part of a success story that is now taking shape,” said Bahaa. “With a rapidly expanding industrial sector, the overall prospects for the Sudanese economy are extremely positive and the Sudanese Egyptian Bank is now very well positioned to be a positive driver of that growth.”

Sudanese Egyptian Bank is a portfolio company of Finance Unlimited, Citadel Capital’s Platform Company for investments in the regional financial services industry. Citadel Capital, the leading private equity firm in the Middle East and Africa (MEA) with US$ 8.3 billion in investments under control, has played a key role in leading SEB through a series of expansions. In 2006, when the firm acquired 70% of the SEB through its Platform Company Finance Unlimited, the bank had a paid-up capital of US$ 15 million and only one branch.

By September 2009, the bank had six active branches and paid-up capital of US$ 28.9 million.

Total assets also increased from US$ 28 million in 2006 to US$ 165 million in September 2009.
Prior to assuming the role of Assistant Managing Director in Pireaus Bank, Bahaa was the General Manager for Treasury and Product Development, where he restructured the bank’s dealing room and developed a number of innovative products for private banking clients. He had earlier held managerial posts with Arab International Bank, Credit Lyonnais and Arab Banking Corporation.

Bahaa has also been a director on the board of Sudanese Egyptian Bank since its inception.

“Amr’s many years of experience in the regional banking sector make him exceptionally well suited to manage operations in Sudan,” said Citadel Capital Managing Director, Ahmed El Houssieny. “His involvement with SEB since its start up will be of great value to us during this critical juncture as the SEB aggressively grows its deposit base and explores new opportunities to expand its presence in Sudan,” he adds.

“The bank’s focus in the coming years will be on overall trade promotion. By facilitating finance, we are also hoping to attract more Egyptian investors to Sudan.”

As a leading Sudanese financial institution, SEB will have the capacity to finance large national projects in Sudan as well as cater to the needs of local SMEs.

Citadel Capital is a leading investor across several industries in Sudan. The firm’s Sudanese investments today total US$ 750 million in sectors including agriculture, logistics and river transportation, cement, mining, petroleum and financial services.
Citadel Capital’s total investments in Sudan are on track to surpass US$ 900 million by the end of 2010.

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Finance Unlimited is Citadel Capital’s Platform Company holding a number of discrete investments in the regional financial services industry. The company currently has exposure to the banking and corporate finance sectors through the Sudanese Egyptian Bank and Sphinx Egypt, a leading private equity management firm. Finance Unlimited also holds Pharos Capital, a Cairo-based investment bank and a top-five Egyptian brokerage with active alternative investment and asset management practices.

Citadel Capital is the leading private equity firm focusing on building regional platform investments throughout the Middle East and Africa in selected industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 17 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.4 billion in cash to investors, more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2009, as ranked by Private Equity International). For more information, visit www.citadelcapital.com.

For more information, please contact:

Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)

g...@qalaaholdings.com (click to reveal this email)

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