EGB: Retail Banking Loan Portfolio Hits EGP580mn at April-End

The loan portfolio of Egyptian Gulf Bank(EGB)’s retail banking registered around EGP580million at the end of April against EGP560million at the end of 2013.

EGB Eyes its portfolio to up EGP760million by the end of the current year, Sherif Farouk, Head of Retail Banking Sector and Senior General said.

The bank is aiming expanding policy within the upcoming phase, taking into account the risks which may happen in the market, adding that the volume of portfolio’s default decreases if it compared to the global rates, Farouk added.

EGB obtained CBE’s approval to launch money transfer service for Egyptians abroad in cooperation with Western Union Corporate and Micro Tanmeyah Enterprise Services through exploiting its network’s branches.

Moreover, the bank is targeting to launch banking insurance service in cooperation with Misr Insurance Company.