ADCB Egypt targets 25% annual growth, increased market share: CEO
Thank you for reading the news about ADCB Egypt targets 25% annual growth, increased market share: CEO and now with the details
Jeddah – Yasmine El Tohamy – CAIRO: The managing director and CEO of Abu Dhabi Commercial Bank (ADCB) Egypt has revealed that the bank’s domestic market share was approximately 1 percent and that expansion plans aimed to achieve annual growth of at least 25 percent.
During a press conference, Ihab Al-Swireky said that ADCB was looking to focus on digital services, and financing projects and individuals.
He added that the bank intended to increase its capital during next year to reach 5 billion Egyptian pounds — compared to the current 1.4 billion pounds — through yearly profits and retained earnings, in addition to supporting the parent group in the UAE.
ADCB provides institutional, retail, banking, and investment services inside and outside of Egypt through 47 branches and banking units and has 1,073 employees.
Al-Swireky noted that the bank had this year achieved a high growth rate in its credit portfolio, with 57 percent for companies and 22 percent for retail banking, reaching 17 billion pounds by the end of November, compared to 12.3 billion pounds in December 2019.
He said ADCB was concentrated on financing projects for the private and public sectors in fields including energy and real estate, adding that it was also targeting annual growth of about 25 percent of total budget as part of its strategy for the next five years.
The bank intended to launch the second phase of internet banking for the mobile phone wallet during the first week of January while expanding internet banking services and doubling the number of ATM machines to reach 200 within two years, he added.
He pointed out that a redistribution of branches was in the pipeline to cover all Egyptian governorates, in addition to launching branches in the new administrative capital.
In June, the bank underwent a name change from the Union National Bank Egypt (UNB) to ADCB Egypt.
Its five-pronged strategy in Egypt is to attain growth through tapping into opportunities in the domestic market, achieving sustainability through a deposits base, improving the quality and efficiency of its services and financial products, managing risks, and developing the skills of its employees.
ADCB Egypt also aims to pump between 2 and 3 billion pounds into financing project loans.
These were the details of the news ADCB Egypt targets 25% annual growth, increased market share: CEO for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.