The Sudanese Egyptian Bank, owned by Egyptian private equity firm Citadel Capital, has appointed Amr Bahaa as its new managing director.

He will oversee the bank’s planned expansion in Sudan and attract Egyptian investors to the country.

Bahaa previously worked as assistant managing director and executive board member of Piraeus Bank Egypt.

In 2009, Sudanese Egyptian Bank opened five new branches and increased its paid-up capital to $28.9m. Citadel owns 70 per cent of the bank through Finance Unlimited, the firm’s platform for investment in the financial services sector in the region.

Citadel currently manages a portfolio of $750m in investments in Sudan, including in the food, agriculture and cement industries. The firm plans to increase this to $900m by the end of 2010.