EGB , Misr Insurance in Talk to Launch ‘Banking Insurance’ in Q1 2014

The Egyptian Gulf Bank (EGB) is intending to launch the banking insurance within the first quarter of this year in cooperation with Misr Insurance Company.

Sharif Farouq. Senior General Manager Retail Banking and Director of Investor Relations at EGB said his bank has conducted meetings in the last year with Misr Insurance in order to discuss the necessary studies regarding applying the service , asserting that it is expected that the service will launch before the end of March 2014.

He has informed Amwal Al Ghad that the service won’t relate to the bank’s transactions, noting that there are many requirements which the bank needs to guarantee the service’s success.

The bank is aiming to allure EGP1 billion deposits in the ongoing year to increase the portfolio by EGP8.7 billion by 2014-end compared to EGP7.7 billion in 2013.

EGB is eying to inch the retail banking loan portfolio to EGP760 million by the end of the current year against EGP560 million in the last year, noting that the bank targets expansion policy in the coming period, along with the risks that will happen in the market.