$2.8bn boost for National Bank of Egypt’s retail portfolio expansion

RIYADH: The National Bank of Egypt will pump 45 billion Egyptian pounds ($2.8 billion) next year into its retail portfolio amid plans to boost its customer base.

Currently, the volume of the banks retail portfolio is valued at 156 billion Egyptian pounds, which includes 11 billion pounds earmarked for its real estate financing initiative launched by the Central Bank of Egypt.

The bank plans to expand its customer base from the current 18 million to 20 million during 2022, Al Arabiya reported on Sunday.

NBE’s customers deposits portfolio is valued at 2.3 trillion Egyptian pounds.