The new appointments include Hatem Sadeq, who has joined MIBank as deputy chairman, following a long period heading the Cairo operations of Arab Bank. Several other former Arab Bank executives have moved over to MIBank.

The nine-month results were affected by a 55 per cent increase in provisions, which was a major factor in the drop in profits for the period to £E 189.7 million ($44.6 million). The bank recorded a marginal increase in net interest income, although the loan/deposit ratio fell by 14 per cent, and rises in fee and commission income offset losses incurred on foreign currency transactions.

'MIBank is continuing to focus on maintaining a liquid balance sheet, and has observed a conservative provisioning policy,' says Merrill Lynchanalyst Mohamed Abdel-Hadi. 'It also has limited exposure on loans to the tourism sector.'

The bank reorganised its management structure in mid-2000, and has been working with Lloyds TSBin recent months on a programme aimed at upgrading its credit approval system and developing its retail business (MEED 27:4:01).

MIBank also made its first foray into the international debt market in mid-2001, raising $100 million in a three-year syndicated loan priced at 62.5 basis points over Libor (MEED 21:9:01).

The bank's assets rose by 25 per cent in the 12 months to 30 September 2001, reaching £E 13,048 million ($3,070 million).