NBAD-Egypt seizes 8% of Group’s Total Activities

The National Bank of Abu Dhabi’s (NBAD) activities in Egypt represent 8% of the bank’s total activities, according to Mark Yassin, NBAD’s Senior Managing Director and Head of Global Banking.

Yassin said the bank’s revenues amount to 5% out of the total consolidated profits. He added that they target to expand in the Egyptian market in the next period, especially in the energy sector, as they are studying funding some of the sector’s projects. Yassin refused, however, to reveal anything about these projects until the study is conducted.

The NBAD group prepared a 25-year strategy entitled “West-East Corridor”. Its scope is to activate the bank’s role as a broker, to facilitate trade between east and west, whilst also aiming to expand its activities of financial consultations.

Mahmood Al-Aradi, Senior Managing Director and Head of Global Markets at NBAD, said that the percentage of making use of loans for deposits in the UAE is estimated at 90%, while the bank’s global percentage is at 80%.

He added that due to the unstable economy and circumstances in Egypt, which led to the fallback of demands for credit, the percentage of deposits’ investments decreased.

He concluded that the Central Bank of Egypt (CBE) is constantly trying to provide foreign currency, and manage inflation rates through its resources as well as the monetary policy tools.

Source: Daily news