Alex Bank’s SME Finances Hit EGP 1.2 Bln In November

Alex Bank Intesa Sanpaolo’s portfolio of finances offered to small and medium enterprises (SMEs) surged by 17.2% to reach EGP 1.2 billion at the end of last November, compared to EGP 1.024 billion at the end of last June. Sources said the bank targets to increase SME loan portfolio by 20% in 2013.

The total value of finances offered to micro-enterprises exceeded EGP 100 million, sources added, noting that the bank plans to increase such finances by 25% by the end of the year.

The bank focuses on self-funding resources in financing micro, small and medium enterprises as the lender holds deposits of more than EGP 32 billion.