Emirates NBD hopes to become among Egypt’s top five private banks in 4 yrs

Emirates NBD says it is seeking to become one of the top five players in the Egyptian private banking sector within the next four years.

The Emirati bank in Egypt aims to become among top five private banks in the country backed by an ambitious plan based on boosting geographical presence and market share, Sahar El Damati, deputy managing director of Emirates NBD Egypt, said on Sunday.

El Damati told Amwal Al Ghad that Emirates NBD Egypt seeks to open up 34 branches in the coming three years, to eventually have a total of 100 branches nationwide.

The bank will also work on increasing its market share in Egypt from 3 percent currently by giving more support for small and medium-sized projects, achieving a 25 percent annual growth in its credit portfolio, and boosting deposits, El Damati explained.

The banking official further said Emirates NBD Egypt targets inaugurating more mini branches designated to secure finances for SME projects. The bank has recently established a new division dedicated for the country’s micro, small, and medium-sized industries, aiming to outline the projects to finance as well as risks haunting this sector.