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Al Ahli Bank of Kuwait officially launches its operations in Egypt

Cairo, Egypt, 2nd November 2016: Al Ahli Bank of Kuwait announced today the official launch of its operations in Egypt through its subsidiary “Al Ahli Bank of Kuwait – Egypt” and inaugurated its Zamalek Flagship branch and Smart Village Headquarters. This follows the rebranding of the Bank after its recent acquisition of Piraeus Bank Egypt (PBE). 

The ribbon cutting ceremony to celebrate the occasion was attended by Ms. Mai Abulnaga, Assistant Sub Governor - Central Bank of Egypt Governor’s Office, Mr. Ali Ebrahim Marafi - Chairman of ABK - Egypt, Mr. Michel Accad, Group CEO, Mr. Khaled El Salawy, CEO – Egypt, Mr. Abdullah Alsumait, Deputy Chief General Manager – ABK Kuwait, Board Members and Management representatives.
 
Speaking at the inauguration, Mr. Ali Marafi, Chairman of ABK – Egypt, said: “It is a great moment for ABK to inaugurate our Headquarters in Smart Village as well as our Zamalek Flagship Branch, and we are delighted to officially launch our operations in Egypt.”

Mr. Marafi added, “The acquisition of PBE is in line with ABK’s vision of expanding into foreign markets.  Egypt, with its well-regulated yet underpenetrated banking market has been a main focus area and the Bank is very proud to have now become an important part of Egypt’s banking industry. We are looking forward to increase our business and support the Egyptian economy, with the Bank’s strong presence and reputation for quality, customer service and reliability in the region.” 

Mr. Khaled El Salawy, ABK - Egypt CEO, stated: “ABK - Egypt is strongly committed to its role in supporting the Egyptian economy through a clearly defined strategy that is founded on supporting and financing Corporate and SME clients in various industries with innovative financial solutions. We will also drive focus on the retail segment through a diversified portfolio of products and services that cater to customers’ growing needs.”

Strategically located on the 26th of July Street in Zamalek, the Flagship branch is the first of the 39 branches to be revamped alongside the Headquarters in Smart Village. The remaining branches will be fully rebranded over the course of 2016. 

For more details about ABK - Egypt branches, products and banking solutions, please call 19322 or visit our website: www.abkegypt.com .