Egyptian Arab Land Bank Considers Launching New Office In Jordan In 2013

The Egyptian Arab Land Bank (EALB) mulls launching a new office in Jordan in 2013, as part of the bank’s foreign expansion strategy.

Sources said the office will provide all banking services offered by its branches in Jordan such as offering retail and corporate electronic banking services.

The bank plans to increase its customer base through expanding geographically and focusing on financing small and medium enterprises (SMEs).

The bank has a headquarters and a number of branches in Jordan in Abdoun, Tayyibah, Sweifieh, Mafraq, Aqaba, Irbid, Jabal Al Hussein and Zarqa as well as offices in Marka, Academy Arab Academy for Banking and Financial Sciences and New York University.

Local sources said the bank does not target to increase its 26 branches in Egypt in the current period.

The bank aims at disposing of its non-performing loan portfolio in the next two years, in addition to developing its real estate assets which are valued at EGP 2.4 billion to sell them or launch a real estate investment fund.