The Securities Listing Committee at the Egyptian Exchange (EGX) approved on Wednesday changing the name of Al Watany Bank of Egypt (AWB), to National Bank of Kuwait – Egypt (NBK-Egypt).
The stock’s Reuters code will be changed to NBKE.CA instead of WATA.CA, effective as of tomorrow’s trading, Thursday, May 22, 2014.
National Bank of Kuwait Group (NBK), the largest financial institution in the country, recently announced in a press conference it rebranded its subsidiary in Egypt, Al Watany Bank of Egypt (AWB), under the new name NBK-Egypt.
The new brand was launched in the press conference held last April in NBK- Egypt Head Office. The press conference was attended by Isam Al Sager, NBK Group CEO and NBK-Egypt chairman, George Richani, head of International Banking Group at NBK and NBK-Egypt vice chairman and Yasser Hassan, NBK-Egypt managing director.
Al Sager said: “The rebranding of NBK’s subsidiary in Egypt comes in tandem with the bank’s strategy to strengthen its presence in Egypt and reflects our increasing confidence in the Egyptian economy. The Egyptian economy is one of the largest economies in the Arab world and enjoys positive outlook and growth prospects despite the ongoing challenges.”
“NBK’s presence in Egypt represents a long-term investment. NBK was among the first banks in the GCC to enter the Egyptian market in 2007. Since the acquisition, NBK-Egypt has been able to deliver strong growth surpassing the sector’s average,” Al Sager added.
NBK Group exists in Egypt since 1980 but it was under the name of Al Watany Bank of Egypt (AWB). NBK – Egypt currently has 39 branches across the country.
NBK Group enjoys the widest international network of subsidiaries and associates reaching 170 branches worldwide. The rebranding of NBK’s subsidiary in Egypt also reflects NBK’s efforts to successfully integrate its operation outside Kuwait.