Barclays Stresses its Support for Egypt’s Economy, Rebuts Layoffs

Barclays Bank Egypt asserted that it would not follow the policy of downsizing  in Egypt similar to what is planned in Britain. it announced last February that he will sack about 7.000 jobs in Britain.

Edward Marx , Managing Director of Barclays Bank Egypt stated that all sectors of Barclays Bank Egypt is working professionally through putting long-term ambitious strategy plans to support of the Egyptian economy and the development of society in order to achieve continued developments.

Barclays was established 10 projects in various sectors in 2013 for creating job vacancies, Marx noted.

Executive Board Member – Chief Financial Officer at Barclays Bank, Mohamed Sherif  said the Egyptian market is one of the most important markets for the bank and despite the political and economic turmoil that experienced by the country over the past 3 years, Barclays reached the highest profits in  its history within the ended fiscal year on December31 2013, registering EGP425 million.

The bank is intending to boost providing the joint loans and long and medium-terms loans which up 42%, Sherif added.

Furthermore, the numbers of the bank’s workers reached 1763, and it has 54 branches across republic.