Banque du Caire's timing of share offering in the Egyptian Stock Exchange (EGX) has not been determined yet, according to Banque du Caire chairperson, Tarek Fayed, who noted that there is continuous coordination between the bank's administration and the Central Bank of Egypt (CBE), as well as the Ministry of Finance. He added that the share has not been determined, however, it may reach 49%. He also said that the bank's assets reached EGP 150bn by the end of June, with 4% market share of the total assets of the Egyptian banking sector. On the sidelines of the press conference held on Monday to present the bank's financial results, Fayed explained that the bank has a network of 220 branches and about 700 ATMs, in addition to a client base of 2.1 million. He pointed out that the bank's net profits reached EGP 1.2bn after taxes. According to Fayed, the loan portfolio achieved an increase by 13% in the first half (H1) of this year, recording EGP 50.5bn compared to EGP 44.5bn by the end of 2017, supported by expanding in various credit fields. The credit portfolio increased to EGP 24.2bn compared to EGP 19.9bn with 22% growth in the first six months of this year, he explained. The funding of small and medium-sized enterprises reached a growth rate of 57% in H1 of this year, with an EGP 769m increase. The bank also managed to increase the loan portfolio of micro projects by EGP 1bn during H1of this year with a 45% growth rate, as the bank accounts for 25% of this activity with a funding portfolio of EGP 3.7%, with a customer base of over 192,000. Fayed pointed out that since the start of his tenure, he has worked to restructure the administration and increase operational efficiencies of all employees, as well as support them with experience and banking competencies. Moreover, a new department was established for international banking transactions, in order to put forward innovative banking solutions to manage liquidity and cash flows, as well as fund foreign trade, he elaborated. Meanwhile, he added that the bank is about to offer wealth management services to its clients. Fayed also stressed that the bank has an ambitious strategy, which aims to expand in all banking sectors, and which could contribute to achieving financial inclusion, as well as adding new clients. The bank also plans to open 25 new branches early this year, in addition to 20-25 branches on an annual. The bank is negotiating with several international institutions to obtain loans ranging between EGP 50-100m before the end of this year, said Fayed. During the conference the negotiations are governed by the both loan terms and the terms of interest prices as well, he explained. These funds will be allocated towards lending export companies, along with companies, which require dollar funding, he elaborated. According to Fayed, the bank plans to launch mobile and internet banking services as of next year. This came during the bank's announcement of its business results of the fiscal year ending in December 2017, as well as the results of the bank mid-year. The bank is also considering expanding its offer of developed digital banking services and other products that are in line with the strategy of the CBE, in order to help digital banking services advance, given its impact on expanding financial inclusion, he noted. Fayed added that the bank is working on developing its technological infrastructure, as it worked with the Temenos company experience, who developed the bank's financial software system, in order to meet the customers' needs, in accordance with international banking standards.
