Egyptian Gulf Bank Updates IT System

The Egyptian Gulf Bank is updating its IT structure in collaboration with Misys Company with a total cost of more than EGP 10 million, said Sherif Farouk, general manager of the bank.

The new system will be implemented by the beginning of 2013, Farouk added, noting that the bank gives great attention to updating the IT system and infrastructure and training employees for being the most important factors in offering unique banking services that cater to the customers’ requirements.

In addition, the bank plans to launch a new Islamic banking unit by the fourth quarter of 2012, to meet the increasing demand on Islamic banking products. The bank asked the Central Bank of Egypt’s (CBE) approval to inaugurate five new branches by next September.

The Egyptian Gulf Bank achieved net profit of EGP 76.5 million in the first half of 2012, up from EGP 44.6 million in the first half of 2011.