Barclays Eyes Bolstering Market Share in Egypt to 6% within 3 Years

Barclays Bank is looking forward to bolstering its market share in Egypt up to 6% within the next three years, Amwal Al Ghad cited an official at Barclays Egypt as saying on Monday.

Sherif El Behery – Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt –  further informed Amwal Al Ghad that the bank’s market share in Egypt currently accounts for 5.1%, aiming to move it up to 6% within the next three years.

Barclays Egypt is adopting expansionary plans in terms of employment and investment rates as well as alluring more savings, he added.

Moreover, El Behery noted that Barclays Egypt is also planing to expand more in financing the small and medium-sized enterprises (SMEs), seeking to increase its market share and to join the top 7 banks in Egypt in terms of profits, loans, and deposits rates.

Barclays Egypt’s budget is estimated at EGP 17.5 billion approximately, he said; whereas the current total capitalization is valued at EGP 2.3 billion. Such figures would serve Barclay’s expansionary plans; where the capital adequacy ratio (CAR) amounts to 20%, El Behery elaborated.

Barclays Plc (BARC.L)’s retail bank in Egypt has nearly 60 branches.