AlexBank Plans EGP400mn Investments into Egypt Market

Big 5

AlexBank, a member of Intesa Sanpaolo Group, confirmed its optimism about the future of the Egyptian economy due to its strong fundamentals which would enable the country to overcome any challenges.

The lender unveiled its plan to inject fresh investments worth EGP 400 million into the local market in the next four years. This means that the bank will invest EGP 100 million each year according to its expansion plan which was prepared amid the improvement in the local investment climate and political stability, Al-Ahram newspaper reported.

AlexBank takes the lead among the Egyptian private banks with a retail banking portfolio reaching more than EGP 11 billion (a market share of 8.7%). The lender’s asset portfolio also exceeded EGP 20 billion, and customer deposits crossed EGP 35 billion.

In addition, the bank’s SME portfolio grew by EGP 100 million.