PTA Bank-VP Faure to chair Board of Governors annual meeting


Mr Faure assumed chairmanship of the Board of Governors of the Bank during the 26th annual meeting of the Board which was held in Seychelles on July 23, 2010.

During his tenure, the Bank has recorded a lot of achievements in terms of financial support for development projects given to member states. 

Its most overwhelming success was the issuing and listing of a USD 300m Eurobond, which started trading at the Luxembourg Stock Exchange in November 2010.

The Eurobond is the first of its kind from an East African issuer and the first issued in Sub-Saharan Africa since 2007.

For that, the PTA Bank received praise from key partners and was also highly recognised by the globally acclaimed publication, the Europe Middle East and Africa (EMEA) Finance.
As a result, the bank received the prestigious award for the best Supranational Bond in the Middle East.

During this year’s annual meeting, Mr Faure, as the outgoing chairman of the Board of Governors, will move shareholders to adopt the Bank’s 2010 annual report and other resolutions giving policy direction to the Board and management of the Bank.

The 27th meeting will be a milestone one because, at this meeting, Vice-President Faure will present the selection report for the appointment of the new President of the PTA Bank, on behalf of the Appointment Committee.

The new appointee will replace the incumbent President, Dr Michael Gondwe, who will be retiring, after serving the maximum two terms of five years each.

In his capacity as chairman of the Appointment Committee of the Board of Governors, the Vice- President led the selection process for this important appointment.  The interview panel he headed met in Johannesburg, South Africa from November 16 to 17 for the final selection.

The meeting in Mauritius is being attended by the Bank’s shareholders which include the Africa Development Bank (AfDB), Burundi, The People’s Republic of China, Comoros, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Malawi, Mauritius, Rwanda, Seychelles, Somalia, Sudan, Tanzania, Uganda, Zambia and Zimbabwe.
At its 27th annual meeting, the Bank will also welcome its 20th and newest member state, the Democratic Republic of Congo.

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