Egyptian Arab Land Bank To Launch New Branch In Suez

The Egyptian Arab Land Bank (EALB) studies to launch a new branch in Suez City in 2013, raising the number of its branches to 28.

EALB has received the Central Bank of Egypt’s approval to inaugurate the new branch in 2011, said Abdel Megid Mohy El-Din, deputy chairman of the bank.

He added that the bank also received CBE’s approval to inaugurate a new branch in Cairo, but it delayed it to 2014. The bank plans to develop four branches in 2013 out of its 27 branches.

He revealed that the bank also considers opening a representative office in Jordan which will conduct all banking transactions, but the cost of inaugurating a representative officer is less than the cost of establishing a new branch.