NBE To Launch New Branch In Juba By 2013

The National Bank of Egypt (NBE) will inaugurate a new branch in Juba, South Sudan with a capital of US$ 30 million by the first quarter of 2013.

Hesham Okasha, deputy chairman of NBE, said the capital will be injected into the bank over three payment installments. A commercial representative office will be opened next October to finalize the procedures required for launching the new branch.

The Republic of South Sudan has many investment opportunities as it is a young nation which aims at boosting its economy especially after reaching an agreement with Sudan over oil.

Okasha added that NBE plans to expand its network branches in many countries such as South Sudan which has about 13 local and foreign banks.

The Egyptian Prime Minister Hesham Kandil, the Chairman of the National Bank of Egypt Tarek Amer, the vice president of Sudan and a high-level Egyptian delegation will inaugurate officially a new branch in Khartoum, Sudan today with capital of US$ 50 million.

NBE Khartoum targets attracting SDG 100 million of deposits by the end of June 2013 and succeeded in attracting deposits of SDG 56 million of foreign and local currencies.