Piraeus Bank Not To Exit Egyptian Market: Nayera Amin

Piraeus Bank Egypt has a five-year plan to be implemented by the beginning of next year so as to foster its presence in the Egyptian market, said Nayera Amin, CEO and managing director of the bank.

The parent bank retreated from selling its unit in Egypt as it considers the Egyptian market as a promising and attractive market, she noted, adding that the bank did not receive any acquisition offers.

The bank has good liquidity which ill enable it to compete in the upcoming period as it has recently contributed EGP 140 million to the EGP 1.6 billion syndicated loan arranged for the East Delta Electricity Generation Company, she remarked.

In addition, the bank plans to expand in retail banking through offering new banking products in the next year. The bank restructured the systems of the car loan, personal loan and credit cards. The bank also currently works on developing products and innovating new ones.

The bank received a loan worth US$ 33 million from the parent bank in 2012, she affirmed, denying that the bank is in talks with the parent group in Greece to receive a loan.