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NBE seeks 30% growth in retail products - Retail CEO

NBE seeks 30% growth in retail products - Retail CEO
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By: Islam Fadl

Cairo - Mubasher: The National Bank of Egypt (NBE) is targeting to raise its retail portfolio by EGP 13.5 billion by the end of June 2019, potentially achieving growth of 29% year-on-year.

The bank’s retail CEO Alaa Farouk told Mubasher on Wednesday that the portfolio amounted to EGP 46.5 billion by the beginning of July, adding that the target was to increase it to EGP 60 billion by the end of June 2019.

Personal loans represent around EGP 22.5 billion of retailing operations, with credit cards and car loans totalling EGP 3.8 billion and EGP 1.7 billion, respectively.

NBE also wants to raise the total number of its branches by 50 to 485 branches across Egypt by June 2019.