Egyptian Gulf Bank to Launch ‘Money Transfer’ Abroad by 2nd Half of 2014

Sharif Farouq. Senior General Manager Retail Banking and Director of Investor Relations at Egyptian Gulf Bank (EGB) said his bank is aiming to launch money transfer via mobile phone service abroad within the second half of the current year.

Farouq has informed Amwal Al Ghad in an exclusive that the bank is currently in talks with the Western Union Company in order to transfer money, explaining that it will be launched in cooperation with  Tanmeyah Microfinance corporation which its branches are 100 distributing across republic.

The bank is targeting to launch insurance banking service before the end of the next June in cooperation with Misr Insurance Company.

He revealed that his bank is aiming to allure EGP1 billion deposits in this year, so the portfolio became EGP8.7 billion in compared to EGP7.7 billion at the end of the last year.

Furthermore, EGB is seeking to obtain Central Bank’s approval for inaugurating  five new subsidiaries in the current year, registered 20 branches at 2013-end.