Barclays Egypt to open new branches, expects profits to grow

Marwa Hussein, Wednesday 17 Sep 2014

Bank projects profits to grow by 15% this year as it plans expansion in upscale Cairo suburbs

Barclays bank
Barclays bank (Photo: Reuters)

Barclays bank in Egypt will open two new branches in the coming months, chief of staff Shady Kamal said on the sidelines of the Euromoney conference on Wednesday.

One branch will be located in the Cairo Festival City Mall in New Cairo, while the other will be in 6 October's Mall of Arabia.

Shady expects the bank to realise LE490 million ($68.5 million) in 2014, compared to LE425 million ($59.4 million) last year.

"Those will be the highest profits we've ever reached," Kamal said.

Barclays has 54 branches in Egypt.

Deposits are currently up to LE14 billion ($2 billion) and credits to corporates have reached LE5.5 billion ($800 million), plus LE700 million ($98 million) for individuals, said Kamal.

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