Barclays: Retail Lending in Egypt Surges to EGP3bn at 2013-end

According to initial indicators, Barclays Bank registered retail loans in Egypt amounting to EGP 3 billion at the end of 2013, Amwal Al Ghad cited an official at Barclays Egypt as saying on Sunday.

Sherif El Behery – Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt –  announced that the initial indicators are showing a surge in retail loans to EGP 3 billion at 2013-end, against EGP 2.5 billion at the end of Q3/2013.

Barclays is planning to bolster its retail lending in Egypt by 40% within 2014, El Behery noted, adding that the number of retail banking clients in his bank amounts to 300.000.

Moreover, the banking official pointed out that Barclays Egypt has recently added 6 new branches to its existing 54.

Barclays Egypt is determined to maintain its high growth rates during years of 2014 and 2015, he added. The bank is adopting a strategy based on offering all the banking services for its clients as well as serving owners of the small and medium-sized enterprises (SMEs).

El Behery also highlighted that Barclays’ market share in Egypt currently accounts for 5.1%, with the aim 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, El Behery said. He further told Amwal Al Ghad that the bank is also planning to expand more in financing 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.