Egyptian Gulf Bank to Surge its Funding to EGP420 mln for ‘Tanmeyah’ Co in 2014

The Egyptian Gulf Bank (EGB) is targeting to boost the funding portfolio of Tanmeyah Microfinance Company to EGP420 million by the end of the current year of 2014.

Sharif Farouq. Senior General Manager Retail Banking and Director of Investor Relations at EGB said the total funding of the bank reached EGP270 million in the last year.

Farouq has informed Amwal Al Ghad in an exclusive that the total funding of the bank exceeded EGP1.3 billion during the last three years.

The bank is aiming to allure EGP1 billion deposits in the ongoing year to increase the portfolio by EGP8.7 billion by 2014-end compared to EGP7.7 billion in 2013.

EGB is eyeing to inch the retail banking loan portfolio to EGP760 million by the end of the current year against EGP560 million in the last year, noting that the bank targets expansion policy in the coming period, along with the risks that will happen in the market.

Farouq explained that the bank is keen on the variety of loans portfolio such as natural gas financing through dealing with two firms for funding the gas as the numbers of customers reached 100k, it is also aiming to launch mortgage finance products for the low-categories.

It is expected that the bank will announce its business results within the coming phase, as the bank is seeking to increase its capital by EGP1.5 billion by the next three years.