Cairo; July 2023 – In line with its ambitious growth strategy to expand its business in Egypt and realign its geographical presence to best cater for its growing customer base, Al Ahli Bank of Kuwait-Egypt (ABK-Egypt) announced the official opening of its new Branch located in Agora Mall, Fifth Settlement, New Cairo. This branch is one of 45 premium branches carefully designed to serve customers in 18 governorates all over Egypt.

The ribbon cutting ceremony held to celebrate the opening was attended by Mr. Ali Marafi, ABK-Egypt’s Chairman, Mr. Khaled El Salawy, CEO and Managing Director, and Mr. Khaled Barakat, Deputy CEO - Consumer Banking, alongside representatives from ABK-Egypt Senior Management and VIP customers.

Mr. Ali Marafi, Chairman of ABK-Egypt, stated that: “The Bank strives to stay close to its customers through becoming more accessible to all segments nationwide and providing distinguished banking services and innovative products that meet their rising aspirations and growing needs. The addition of a new branch to our network comes in accordance with our plans to enhance our reach to grow our business and attract new customer segments, bringing us a step closer towards achieving the national Financial Inclusion goals set by the Egyptian government and the Central Bank of Egypt (CBE).”

In the same context, Mr. Khaled El Salawy, CEO & Managing Director, confirmed: “Our expansion plan focuses on equipping our branches with the latest technology in the market as well as modern design standards that guarantee providing an efficient, speedy, and outstanding service to our customers. Through our new branch, we will be offering an array of banking services to cater to various customer segments ranging from youth who seek digital banking solutions to the affluent segment that will be served through a dedicated "Wealth Management office" that offers a variety of banking & non-banking services in addition to exclusive benefits.

“We also remain very keen on supporting the SMEs sector through facilitating procedures and removing entrance barriers for young entrepreneurs, as part of our belief in the catalyst role played by the banking sector in supporting the growth and development of national economy.”, added Mr. El Salawy.

ABK-Egypt reaffirms its commitment to supporting the Egyptian economy through a long-term strategy that focuses on endorsing our brand in the Egyptian market and achieving sustainable growth across all key performance indicators to endorse its position as one of the fastest growing banks in Egypt. Developing and empowering human capital, achieving a competitive edge, and offering innovative banking solutions via digital transformation will remain on top of the Bank priorities over the coming period to ensure supporting individuals and corporate customers in facing rising social and economic challenges.

It is worth mentioning that ABK-Egypt has recently announced very solid financial results for first quarter of the year doubling Net Profit to reach EGP 1.1 billion compared to EGP 551 million over the same period in 2022. Amongst several highlights, Net Interest Income increased by 40% over the same period last year recording EGP 841 million, and Net Operating Profit reached EGP 779 million, and finally, Total Assets amounted to EGP 79.8 billion in March 2023.