NBE studying expansion into Saudi market

The National Bank of Egypt (NBE) is studying expansion into Saudi Arabia in the next period, said chairperson of the bank, Hisham Okasha. The bank had a regional expansion strategy which was put on hold following the 25 January Revolution.

The bank is targeting an initial average growth of 10% during the current fiscal year (FY) for various indicators across deposits, loans, facilities, or individual finances.

The bank’s assets are growing quickly. They increased by approximately EGP 195bn in the third quarter of 2016 and registered EGP 650bn at the end of March compared to EGP 520bn at the end of June 2015.

Okasha attributed the fast growth of assets to the increase in deposits with high rates, which registered EGP 522bn at the end of March compared to EGP 447bn at the end of June 2015. The significant growth in savings is a result of customers’ growing confidence in the bank.