Cairo – Mubasher: The board of directors of Housing and Development Bank (HDB) approved the resignation of its chairman Mohamed Fathy El Sebai.

The board nominated Hassan Ismail Ghanem to succeed El Sebai as the new chairman and managing director until the end of the board’s term in March 2020, the bank said in a statement to the Egyptian Exchange (EGX) on Tuesday.

It is noteworthy that El Sebai has been the bank's chairman since 2003. 

During the first nine months of 2019, HDB reported a net profit of EGP 1.71 billion, compared to EGP 1.58 billion in the corresponding period a year earlier.