National Bank of Egypt plans new 50 branches this FY2016/17

Egypt’s biggest public lender, National Bank of Egypt (NBE) is planning to inaugurate 50 new branches within the current financial year, an official in the bank says.

NBE had earlier inaugurated 47 new branches during the financial year 2015-2016.

Yehia Aboul Fotouh, Vice Chairman of NBE, told Amwal Al Ghad on Saturday that the bank would focus on opening up medium and large branches in the Upper and Lower Egypt areas.

NBE also intends to build 72 centres for small and medium-sized projects to be distributed as 60 in Cairo and 12 in Alexandria, with the purpose of speeding up process of securing loans, Aboul Fotouh said.