Barclays Egypt has begun adopting its expansion plans to add more branches in Egypt this year, after it re-opened a branch in Maadi, said a statement by the bank on Wednesday.
“Despite the current conditions the Egyptian economy is facing, Barclays Bank is keen to proceed with plans to support the banking sector, through commitment to its expansion strategy and branch development to attract more customers and provide additional job opportunities,” said Edward Marks, Managing Director of Barclays Bank Egypt in the statement.
Earlier this month, Britain’s second-biggest bank by assets said that it would expand its branch network in Egypt by 10 per cent in 2013 and is preparing to offer Islamic banking services.
The new branch, located on Road 9, “provides distinctive services to a large number of retail and Premier customers in the shortest time, helping to increase its customer base, which reflects positively on the bank’s financial portfolio,” said Omar Baig, Barclay’s Retail Banking Director.
Some estimate that Barclays controls about 1.2 per cent of the assets of Egypt’s 39 banks. Economic conditions in Egypt have worsened significantly since the ousting of former president Hosni Mubarak.
The latest figures provided with CBE say that foreign reserves dipped further, to US$13.4 billion at end-March.