Banque Du Caire Receives CBE’s Approval to Open 4 Fresh Subsidiaries

Banque Du Caire has received approval from the Central Bank of Egypt (CBE) in order to inaugurate 4 fresh branches along with 5 other subsidiaries approved by the CBE within the last year in order to open them during 2014 in Upper Egypt, Menoufia, CompoundV and Heliopolis.

An official source has informed Amwal Al Ghad that the bank finalized the internal development of around 25 branches, and there are about 20 subsidiaries which will be developed within this year.

The source added that the bank is owing around 330 ATMs and it has contracted to launch 77 new ATMs in the coming period with cost ranging from EGP 90-100 K for each one.

Banque Du Caire has around 230 subsidiaries across governorates and it is aiming to develop the reconstruct all its branches by 2014.

The total profits of the bank attained about EGP 1.4 billion at the end of the fiscal year of 2012, move up by 214%, against EGP 400 million at the end of the fiscal year of 2011.