International Finance

Scbank CEO Hussein Refaie leads the way forward with innovative banking ideas

IFM_ Scbank CEO Hussein Refaie
Scbank Chairman of the Board of Directors and CEO Hussein Refaie has been instrumental in the success of the organization

Suez Canal Bank (Scbank), Egyptian joint stock company is a leading local financial organization that has a long history of providing and carrying out financial services. The Bank was founded as a commercial bank in 1978, in accordance with provisions of Investment Law No. 43 of 1974 and its amendments. Using its network branches and a sizable global network of correspondents, Suez Canal Bank engages in the provision of financial products and services to both institutional and individual customers. This is done so in accordance with a three-pillar strategic business model that combines institutional banking, personal banking, and Islamic banking for corporate and individual customers.

Scbank CEO Wins International Award
Adding another feather to their cap, Scbank Chairman of the Board of Directors and CEO Hussein Refaie ended up winning the “The Best CEO Award for 2022” at International Finance Awards. This award is a testament to the innovative developments the bank has witnessed over the last decade. Hussein Refaie has been instrumental in the success of the organization.

This award comes as a result of the apparent developments witnessed in the Bank during the past five years. Hussein Refaie has been able to rebuild the Bank and broaden all banking activities since taking up the post in 2017. With the assistance of professional and committed personnel, Hussein Refaie not only restructured the organization’s operations, but also launched additional departments inside the bank, including the Retail Banking Department, the Syndicated Loans Group, and the SMEs Group.

The bank was able to bring extremely competitive financial goods and services to the Egyptian market as a result of these newly established departments. In the last five years, Scbank has received 19 category awards in recognition of its work and several successes.

Reasons behind Scbank’s success
The Scbank has performed exceptionally well this year as well. The bank’s capital base reached EGP 5.9 billion by the end of September 2022, compared to EGP 1.7 Billion in FY 2016; an increase of EGP 4.2 billion with a growth rate of 247%. The bank’s issued and paid-in capital increased from EGP 2 billion to EGP 3.6 billion. The customer deposits increased from EGP 24.1 billion in FY 2016 to EGP 57.8 billion in September with a growth rate of 140%. The bank’s total assets rose from EGP 31 billion in FY 2016 to EGP 67 billion with a growth rate of 116%.

The Scbank net loans and facilities grew from EGP 8.6 billion in FY 2016 to reach EGP 28.0 billion with a growth rate of 224% and the net profit achieved during FY 2021 amounted to EGP 605 million compared to EGP 210 million achieved during 2016 grew at a rate of 188%. The bank had also achieved 735 million until September 2022 compared to 377 million in September 2021 a growth rate of 95%. The bank had 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.

Scbank Vision
Scbank set up a number of 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 line with the Government and CBE’s focus on digital transformation and remodelling the bank’s technology infrastructure, the Scbank has implemented and improved services related to electronic technology and the improvement of service bondage to easily meet the needs of their customers, such as e-wallet, online banking, in addition to the investment with key market players in the area of incubation and accelerators of Fintech funds.

In the last five years, Scbank has opened 15 new branches, bringing its total to 49 across Egypt. Two of these locations are state-of-the-art smart branches. The bank has also updated its visual identity to better satisfy the needs of its customers.

The bank did not ignore the interest in supporting and effectively contributing to social responsibility initiatives. In order to support financial inclusion in accordance with the CBE’s framework, the bank implemented an integrated plan for the automation of banking products in line with consumer demand.

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’s state of distinction and excellence.

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