NBE Eyes Expansion In KSA, Libya, S. Sudan

The National Bank of Egypt (NBE) studies expanding in the Arab countries especially Kingdom of Saudi Arabia, Libya and South Sudan.

Tarek Amer, the chairman of NBE, stated to Amwal Al Ghad that the bank’s board of directors approved yesterday to expand in South Sudan. NBE plans to either establish a new branch or purchase an existing bank in South Sudan.

NBE aims at fostering its existence in Nile Basin countries as it inaugurated a new branch in Khartoum last month. The Egyptian Prime Minister Hesham Kandil and the Central Bank of Egypt’s Governor Farouk EL-Okdah attended the inauguration. The new branch targets facilitating trade between Egypt and Sudan.

NBE reported net profit of EGP 3 billion at the end of FY 2011/2012, compared to EGP 2.1 billion at the end of FY 2010/2011, with an increase of 50%.