Emirates NBD to Expand Branch Network in Egypt

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Emirates NBD Bank intends to increase its network of branches to 100 from 70 in Egypt in the coming two years.

According to deputy managing director Sahar El Damati, Emirates NBD Egypt is seeking in the coming period to inaugurate new branches to achieve wider geographical spread and boost its volume of deposits.

Emirates NBD Egypt seeks to benefit from the eased regulations set by the Central Bank of Egypt (CBE) for opening new mini branches by banks operating in the Egyptian market, El Damati noted.

In keeping with its commitment to the support of national projects and the Egyptian economy, Emirates NBD Egypt paid Friday a high-level visit to the site of the new Suez Canal project for members of the bank’s management in Egypt and the UAE.

The purpose of the visit was to show support to those working on the project and support the creation of a Center for Rapid Recovery Covering Canal Cities to offer site workers emergency healthcare and rescue services. The value of supplies contributed by Emirates NDB Egypt exceeded EGP 4 million worth of caravans, tents, beds, blankets, living supplies and camp equipment for workers involved in the project.

In December, the Central Bank of Egypt (CBE) has set new requirements for opening new mini branches by banks operating in the Egyptian market.

According to the new requirements, the banks are required to hold EGP 5 million in capital for every new mini branch opened in Cairo, EGP 2 million for the rest of governorates, except for Upper Egypt governorates which require only EGP 1 million for each mini branch.

The new requirements aim to facilitate and support banks’ objective to spread across all governorates, with higher reach to new customers.

Emirates NBD, the leading bank in the Gulf Cooperation Council (GCC) region and in the United Arab Emirates, entered the Egyptian market on June 2013 through the acquisition of the BNP Paribas subsidiary in Egypt.