Barclays Egypt Sees EGP500 million in Profits at end-2014

Barclays’ Egyptian arm is seeking to register profits worth 500 million Egyptian pounds (around US$70 million) by end of 2014, finance director of Barclays Egypt Mohamed Sherif told Amwal Al Ghad.

Sherif further said Barclays Egypt’s profits are hovering around the EGP 260 million level by end of the first half of 2014.

In addition, the bank will be announcing its new strategy next September, which would go for achieving market share and developing its divisions, he noted.

Elsewhere, by early 2015 Barclays Egypt is planning to move its administrative headquarters to eastern Cairo district, so as to serve the bank’s future strategies. In that respect, the bank had secured EGP 480 million investments to establish its most modern administrative headquarters.