Blom Bank Egypt eyes opening 6 new branches by Q1 2016

Blom Bank Egypt targets opening six new branches till the first quarter of 2016 to join its current 37 branches-network, CEO Mohamed Ozalp said Thursday.

Ozalp told Amwal Al Ghad that the six new branches will be; 5 mini-branches in Alexandria, Upper Egypt, Suez governorates as well as 6th of October and Nasr cities in addition to one branch in Obour City. The mini-branches aims at achieving bank’s goals to fund Small and Medium-sized Enterprises (SMEs) and individual loans.

He clarified that Blom Bank Egypt is currently studying submitting a request to the Egyptian Central Bank (CBE) to open new branches in September 2015, but it had not determined the number of branches yet.

Blom Bank Egypt has upgraded technological infrastructure and founded alternative emergency center to operate in cases of any breakdowns and problems in the headquarters.

CEO Ozalp noted that the bank owns 57 ATMs and aims at increasing this number to be 70 ATMs within the upcoming period. He affirmed that upgrading bank’s technological infrastructure will help it to develop its products including ATMs.

On other hand, Blom Bank Egypt has attained net profit estimated at 71.5 million Egyptian pounds at the end of first quarter of 2015, while loans portfolio recorded around 4.370 billion Egyptian pounds.

Moreover, Blom Bank Egypt’s deposits has reached 13.428 billion Egyptian pounds while its total assets hit 15.605 billion Egyptian pounds at the end of March 2015.