Egypt’s NBE eyes retail portfolio to hit $5bn end-June

The retail banking portfolio of Egypt’s biggest state-run bank National Bank of Egypt (NBE) has been boosted to 36.5 billion Egyptian pounds (US$4.6 billion) at the end of December 2015.

Head of Retail Alaa Farouk told Amwal Al Ghad Thursday that the bank aims at increasing the portfolio to 40 billion pounds at the end of June 2016.

He added that NBE targets adding 10  interactive teller machines (ITM) within the upcoming period notably after the bank has succeeded to enter the ITM into the banking sector by adding three ITMs.

The ITM allows the bank’s customers to have access to most of bank’s services through auditory and visual communication with staff through 24/7 video conference capabilities, the official stated.

It also offers innovative visual technology to customers to conduct their different banking needs.

Head Farouk announced that NBE targets inaugurating 30-40 new branches by the end of current fiscal year among its plan to open 200 branches within the upcoming three years.