Alex Bank To Inject EGP 500 Mln In Retail Loans Portfolio In 2nd Half Of 2012

Alex Bank- Intesa San Paolo targets injecting EGP 500 million in retail banking portfolio in the second half of the current year, raising the volume of the portfolio to EGP 9.5 billion, up from EGP 9 billion at the end of the first half, said Basel Rahmy, GM of Retail Banking Department.

Rahmy told Amwal Al Ghad that the bank injected about EGP 620 million to retail loans portfolio since the beginning of the current year, despite the economic recession and political turmoil Egypt witnessed in the last period.

The bank offered about EGP 1.2 billion worth of car loans; of which EGP one billion were used to finance 60% of the cost of the “White Taxi” project, replacing 18 thousand old taxis with new ones in collaboration with the National bank of Egypt, Banque Misr and Nasser Social Bank. In addition, the bank offered EGP 2 million to provide car loan service for its customers  till the end of last March.

It is worth mentioning that Alex Bank launched at the end of the first half of 2012 visa inspire, the global debit card, in collaboration with Visa for the first time in the Egyptian market, offering its customers the ability to use their ‘Visa Inspire’ cards to make purchases and withdraw funds at Intesa Sanpaolo group ATMs across 12 countries including Egypt.