Egypt’s Banque du Caire looking to open 80 new branches in 3Yrs

Egyptian state-owned lender Banque du Caire is planning to inaugurate 80 new branches within three years, its chairman Tarek Fayed said on Monday.

The bank also seeks to inaugurate other 30 branches out of the 80 branches before the end of this year, Fayed said on the sidelines of Seamless North Africa FinTech Conference taking place on June 17-18 for the second year in row.

“Small-sized projects loan portfolio seized 15 percent until the end of last March, exceeding 9 billion Egyptian pounds ($537.4 million) out of 65 billion pounds,” he further told Amwal Al Ghad.

In addition, Banque du Caire is looking to increase its small and medium-sized enterprises (SMEs) loan portfolio to 20 percent at the end of the current year, Fayed added.

Seamless North Africa is being held under the auspices of Egyptian Prime Minister Moustafa Madbouli, bringing together different players, such as financial institutions, startups, and venture capital.

It is meant to assess new techniques and strategies to offer better services for citizens and consumers in the Arab world.

Seamless North Africa is a conference organised by Terrapin, under the patronage of the central bank of Egypt in partnership with the Arab Federation of e-commerce (AFEC) and the strategic partner is The Egyptian Banking Institute.