Barclays Egypt Eyes 40% Growth in Retail Banking in 2014

Barclays Bank is planning to carry out a new expansion strategy in Egypt’s market in terms of the retail banking business through introducing new banking programs and opening up more branches.

Sherif El Behery – Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt –  told Amwal Al Ghad that his bank is targeting growth rates ranging between 35-40% in retail banking services along with adding new 6 branches to Barclays’ existing 54ones in Egypt.

Barclays Egypt has obtained the Egyptian Central Bank (CBE)’s approval so as to activate the Internet Banking services which have been on trial during November, 2013, El Behery noted, expecting that such services will come into effect within the upcoming period.

Moreover, El Behery further referred that Barclays Egypt’s capital is valued at EGP 2.3 billion; whereas trade in treasury bills and treasury bonds hit EGP 9 billion.

On Barclays Direct service, he explained that the launch of such a service comes in accordance with the bank’s expansion strategy, saying Barclays has signed so far 12 agreements with various firms in 6 weeks.

El Behery also stated that Barclays Egypt registered a 50% growth in profits by the end of the third quarter of 2013, opposed to the same comparable period a year earlier.

Barclays Egypt is aiming to become on the list of the biggest 5 banks in the country within the next 3 years, he added.