Foreign Banks’ Exit From Egypt Increases Egyptian Banks’ Chances: CIB

The exit of foreign banks from the Egyptian market will increase the chances of Egyptian banks to expand in the market, said Hisham Ramez, deputy chairman and managing director of Commercial International Bank (CIB).

CIB has no intention at all to shrink its investments or exit from the Egyptian market, he affirmed. The bank has an ambitious expansion plan as it targets to launch 32 new branches to reach 188 branches in 2013.

CIB does not plan to expand in foreign markets in the current period, as it currently focuses on the Egyptian market, he added.

In addition, the bank plans to expand in financing small and medium enterprises (SMEs) amid the increasing demand for SME finance products.

If the demand for Islamic banking products increases, banks will expand in offering Islamic banking products to cater to the needs of customers. he noted.