Alex Bank Develops 12 Branches, Asks For Islamic Banking License

Alex Bank Intesa Sanpaolo targets to upgrade 12 branches out of its 200 ones in 2013.

The bank has not asked the Central Bank of Egypt (CBE) for a license to inaugurate new branches as it has already many branches spread across all governorates in Egypt, said Bassel Rahmy, head of retail banking group at the bank.

He added that the bank has not received yet an approval from CBE to conduct Islamic banking transactions, but it currently sets a strategy to conduct Sharia-compliant transactions after receiving the central bank’s approval.

Alex Bank achieved EGP 610 million profit at the end of 2012, registering a year-over-year increase of 83%.