National Bank of Egypt plans South Sudan subsidiary, Saudi branch

The National Bank of Egypt, the country’s biggest state-run lender, plans to set up a subsidiary in South Sudan and open new branch in Saudi Arabia, a senior official said on Sunday.

The bank is in ongoing talks with the Saudi and South Sudanese central banks to receive permission to open the anticipated subsidiary and branch, Yehia Aboul Fotouh, deputy chairman of NBE, told Egypt’s MENA state news agency on Sunday.

Aboul Fotouh said the bank had already won the Central Bank of Egypt’s approvals to set up the subsidiary in South Sudan and to open the Saudi branch.

“NBE’s the subsidiary in South Sudan will be at cost of up to $30 million,” the banking official said.

The bank currently has presence in Ethiopia, Sudan, and South Africa, Aboul Fotouh added.