AlexBank’s Retail Portfolio Registers EGP 8.9 Bln

AlexBank Sao Paulo’s retail banking portfolio rose by EGP 800 million, registering 8.9 billion at the end of March, compared with EGP 8.1 billion at the end of 2011.

Basel Rahmy, head of retail banking at AlexBank, said that the bank targets raising growth rates to 15% in 2012, through expanding in retail banking products such as car loan and personal loan.

Retail banking sector’s market share posted 34% of the total profit of the bank in 2011, as retail banking portfolio reached EGP 619 billion and the bank’s pre-provision profit registered EGP 1.8 billion in 2011.

AlexBank launched direct discount visa card (Inspire Card) in Egypt. The Bank will also launch Intesa-Sao Paulo direct discount visa card (Inspire Card) in 11 international markets besides Egypt by the end of the first half of the current year. Inspire card holders will be able to withdraw money from all ATMs as well as from Sao Paulo ATMs in 12 countries without charges; namely in Egypt, Italy, Russia, Slovenia, Slovakia, Albania, Romania, Hungary, Serbia, Bosnia, Croatia and Ukraine.