Ali added, during a roundtable attended by Daily News Egypt, to reveal the business results of the bank during 2022 and its future plan, that a microfinance company will also be launched before the end of the second quarter of this year.
He explained that the bank is seeking to achieve integration in non-banking financial services, as it established Abu Dhabi Islamic Capital Egypt, Del Capital, to be the investment banking arm, and ADIFinance, the financial leasing company, to which factoring and real estate financing activities were added.
Ali indicated that the bank is restructuring some of its subsidiaries with the aim of making them profitable, as happened with the National Company for Glass and Crystal, which incurred losses up to 2017 of about EGP 70m, and the bank succeeded, after the restructuring was done, in selling them in 2022 at a value of EGP 231m.
He added that the bank plans to liquidate some old non-profit companies, which are fully covered by provisions without any impact on the bank’s business as a result of the liquidation. These include Assiut Agricultural Company, which owns 1,100 feddan in Assiut. On the other hand, it aims to keep other companies such as Cairo National Company for Investments listed on the Egyptian Exchange.