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Attijariwafa Bank mulls launching new investment arms in Egypt – Interview

Attijariwafa Bank mulls launching new investment arms in Egypt – Interview
Corporate portfolio reached EGP 11.4 billion in December 2018
Attijariwafa
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By: Islam Fadl

Cairo – Mubasher: Attijariwafa Bank is looking at expanding across Egypt, raising its customer base, and financing medium-sized enterprises, the head of corporate and investment banking at Attijariwafa Bank – Egypt said in an interview with Mubasher.  

Morocco-based Attijariwafa Bank Group also has plans to launch new investment arms in Egypt, Tamer Yousri Ragheb added.

Corporate portfolio

The lender aims to increase the value of its corporate portfolio which includes medium- and large-sized enterprises by about EGP 3.6 billion to EGP 15 billion by the end of 2019 from EGP 11.4 billion at the end of December 2018, Ragheb revealed.

New customers

The bank targets adding 70 new institutional customers from large corporates this year, he indicated.

Food, healthcare, renewable energy, and tourism sectors are among the top sectors to be financed by the bank, Ragheb noted, adding that the construction and building sector as well as the weaving and textiles sector will also be financed due to their accelerated growth rates.

New products

With plans to increase the number of customers, Attijariwafa Bank considers offering fresh banking products that target exporters especially those working in African markets, Ragheb said.

Planned finances

The bank is considering providing finances worth more than EGP 2 billion to several sectors including food, healthcare, renewable energy, tourism, and information technology (IT), he added.

Additionally, the lender mulls over financing the food production sector with EGP 750 million.

Syndicated loans

In 2018, the bank contributed EGP 1.7 billion to syndicated loans, the head of corporate and investment banking noted.

Furthermore, a five-bank consortium including Attijariwafa Bank is arranging the eighth issuance of the securitisation bonds of Corporate Leasing Company (Corplease) worth EGP 1.4 billion.

Financial leasing firms

Financial leasing firms have received more than EGP 1 billion in finances from Attijariwafa Bank, Ragheb revealed.

The bank plans to pump EGP 500 million to existing and new financial leasing companies, he added.

 

Translated by: Zeinab Adel