Tirad Mahmoud ADIB's CEO and Khamis Bu Haroon Chairman of NBD appoint new CEO for Egyptian operations

The appointment was announced by Mr Khamis Bu Haroon, Chairman of NBD, and Mr. Tirad Mahmood, CEO of ADIB. Mrs. Loutfy starts her new role with immediate effect.

ADIB purchased 49% of NBD in an agreement signed at the end of 2007. Since then, the ADIB's management has been working with NBD in Cairo to restructure the bank's operations in compliance with Sharia Law. Mrs. Loutfy assumes overall responsibility for the running of the bank across its 69 branches, as well as the ongoing operational restructuring.

Mr. Tirad Mahmoud, comments:

"Nevine's appointment heralds an important new chapter in the history of the National Bank of Development. The potential for Islamic banking in Egypt is enormous and, with an international banking career spanning over 30 years, we are confident we have engaged the right person to steer our business forward in this exciting market. We welcome Nevine on board and look forward to working with her."

Nevine comes to NBD from Citigroup, where she was most recently the Chief Operating Officer of its EMEA Commercial Bank, overseeing the bank's operations across Europe, Middle East and Africa, totaling $1.8bn in revenue. Prior to this, she held a number of roles within the same organisation that saw her variously responsible for global SME risk management, a $6bn portfolio for SME clients, Citibank's national SME organisation in the United States and some of Citibank's key retail operations in North America.

An Egyptian national, Nevine's new role at NBD marks a return to her home city of Cairo, after gaining valuable banking experience in the United Kingdom, United States and Europe.

Commenting on her appointment, Nevine said:

"I'm coming on board at NBD at a most exciting time. The banking marketplace in Egypt is fast-moving and increasingly customer focused. My challenge is to help reinvigorate NBD's offering in line with the needs of customers today, and ensure we strive to deliver excellent service across our branch network and other delivery channels. I believe we will see increasing demand for Sharia compliant banking products in Egypt and, with a strong partner in ADIB, we are well placed to fulfill our customers' needs."