Al Baraka Bank Egypt is planning to start its first presence in Upper Egypt area through opening a mini branch there.
According to Ashraf El Ghamrawy – CEO of Al Baraka Bank Egypt, the bank intends to inaugurate three mini branches as pursuant to the newest regulations set by the Central Bank of Egypt.
Speaking to Amwal Al Ghad on Wednesday, El Ghamrawy said Al Baraka Bank’s anticipated mini branches would locate in the Greater Cairo alongside the Lower and Upper Egypt areas.
The banking official further referred to the bank’s strategy to expand its network of branches across Egypt to eventually reach 35, through opening two branches in New Cairo and Haram districts in addition to the three anticipated mini branches.
Earlier this month, the Central Bank of Egypt (CBE) has set new requirements for opening new mini branches by banks operating in the Egyptian market.
According to the new requirements, the banks are required to hold EGP 5 million in capital for every new mini branch opened in Cairo, EGP 2 million for the rest of governorates, except for Upper Egypt governorates which require only EGP 1 million for each mini branch.
The new requirements aim to facilitate and support banks’ objective to spread across all governorates, with higher reach to new customers.