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Attijariwafa Bank Egypt’s credit portfolio stands at EGP 16bn – Official

Attijariwafa Bank Egypt’s credit portfolio stands at EGP 16bn – Official
The bank plans to launch a new insurance company in the near future

By: Islam Fadl

Cairo – Mubasher: Attijariwafa Bank Egypt has a credit portfolio amounting to EGP 16 billion, including corporate, retail, and small- and medium-sized enterprise (SME) loans, the bank’s deputy managing director and chief operating officer Mohamed Hamlili said.

The bank, which owns a 1% market share in Egypt, will launch Mobile Banking product and national e-payment Meeza card by the first quarter of 2020, Hamlili added, noting that the bank seeks to expand in providing digital services.

Expanding into non-banking financial services and launching an affiliated insurance company are also among the bank’s plans in Egypt, he added on the sideline of the inauguration of a new branch in Tagamoa El Khames on Sunday.

On his part, the bank’s managing director, Hicham Seffa, revealed that the bank’s smart portfolio will be launched by the second half of 2020 in cooperation with Fawry and other e-payment firms.

The bank’s SME portfolio represents 10-11% of the Central Bank of Egypt’s (CBE) SME funding initiative.

About 85% of the investments were injected into the bank’s infrastructure in the last years, he added, affirming the bank’s interest in taking part in CBE’s mortgage and industrial initiatives.