By: Islam Fadl
Cairo – Mubasher: Al Baraka Banking Group is looking to boost its market share in the Egyptian private sector to 15% from 7% in the coming few years.
The group seeks to raise its budget by EGP 39 billion to reach EGP 100 billion by 2020, CEO Adnan Yousif said in a press conference on the sidelines of the opening of the bank’s head office in Cairo.
The group also plans to operate approximately 50 branches across Egypt by the end of 2020, Yousif added, noting that the bank was considering new branches in Africa and Asia.
He added that the Bahrain-based banking group had invested around $400 million to finance trades in Egypt, which reflects the group’s trust in the North African nation.
The group offered nearly $20 billion in financing to small- and medium-sized enterprises (SMEs) during 2017, the CEO indicated.
For Al Baraka Bank, Egypt comes in the third spot in terms of assets and profits after the Turkish and Jordanian markets.
The group is also planning to launch an investment unit in Egypt with up to EGP 200 million in capital in the fourth quarter of 2018.
Al Baraka Bank will also build a new head office in the New Administrative Capital at an estimated cost of EGP 800 million over the coming period.
Translated by: Mai Ezz El-Din