EGB, Misr Insurance to Launch Banking Insurance Service in Q1 2014

Egyptian Gulf Bank (EGB) aims at providing a new service; the banking insurance product for Misr Insurance Co. within the first quarter of 2014 throughout the banks’ 16 branches.

In exclusive statement to Amwal Al Ghad Sherif Farouk, Senior General Manager Retail Banking, revealed that there are a lot of prerequisites in which the bank need to guarantee the service success. He explained that raising customers’ awareness about the importance of the service, especially marketing mangers, is absolutely imperative. He pointed out that the experiment failed in some banks inasmuch as the employees were convinced that the service is contrary to Islamic Sharia and consequently their inability to convince the customers.

He declared that bank intend to launch the service during 2014 and  assured that banking insurance service is not related to EGB’s banking transactions; however it affects the banks customers as it rendered inside the bank’s branches.

He also stressed the need to coordinate between the bank and the insurance company in order to consider the customers’ complain so as not to affect the rendered service and the banks’ image in front of its customers.

He explained that applying the banking insurance service may gives rise to a competition between the bank and the insurance company, as it provided investment benefits for the customers.

Egyptian Gulf Bank has 16 branches and will open a new branch in Alexandria next month in addition to opening 3 branches in Damietta, Faisl and Nasr City. EGB intends also to open 5 new branches annually.