saib Bank to increase retail portfolio, financing for national projects, SMEs

Hossam Mounir
5 Min Read

Tarek El-Khouly, Chairperson and Managing Director of saib Bank, has announced the bank’s ambitious 2021 plan to develop its retail banking portfolio for individual customers.

This will come alongside its proposed expansion of financing for national projects, whilst contributing to the sustained growth of the small and medium (SMEs) enterprises portfolio. This will fall under the initiative of the Central Bank of Egypt (CBE).

In 2020, saib Bank was recognised as the fastest growing bank in Egypt by the Global Business Outlook magazine, one of the most prominent entities worldwide in the business and banking community.

The award was given due to the bank’s rapid growth in its business results during the past period. This growth was evident in the growing volume of revenues, improvement in performance indicators, and its increasing competitiveness in the market.

It also attained a distinguished position among banks in a short time, despite the challenges facing all sectors due to the novel coronavirus (COVID-19) pandemic.

Global Business Outlook magazine gives its awards according to several technical criteria, including an analysis of the bank’s business results, business development and performance indicators. This comes in addition to other criteria set by the magazine, to select and honour the best institutions.

The saib Bank’s latest performance indicators revealed that it achieved a net profit of $13.2m at the end of September 2020, compared to $9.2m at the end of September 2019, an increase of 43%.

The bank’s net income from the return recorded an increase of 37%, as a result of the decrease in the cost of funds and the increase in the credit portfolio, especially the retail banking portfolio. The retail bank loan portfolio recorded an increase of 50% in September 2020.

The number of smart wallet subscribers increased by 22%, with the number of credit card users increasing by 24%. The volume of government payments witnessed an increase of 55% by the end of September 2020.
Last weekend, the bank inaugurated its first innovative financial education platform, “saib Cube”, in Mall of Arabia.

This comes as part of the bank’s digital development plan to keep pace with the technological developments currently taking place in Egypt’s banking sector, and support the CBE’s plans for financial inclusion.

“We have an ambitious strategy to expand the banking services that the bank provides to its customers of various segments of society,” said Amr Atallah, CEO Chief General Manager at saib Bank.

Atallah explained that saib Cube affords an advanced concept for providing banking services, using the best and latest methods. This comes in addition to its role in enhancing the bank’s efforts to achieve financial inclusion. He pointed out that the bank aims to open four financial education centres this year.

For his part, Amr Noseir, Head of saib Bank’s Retail Banking Sector, Distribution Channels, Institutional Communication and Marketing, said that the bank aims to meet the needs of its customers, by launching various banking products and services. These launches are part of the general trend towards accelerating the digital transformation of banking services provided to different customer segments.

He pointed out that saib Cube is an extension of the bank’s expansion in electronic services, with the goal being to provide the best service and the highest quality to customers.

Mohamed Ali, Director of the Digital Services, Innovation and Financial Inclusion Department, said that saib Cube introduces a new concept that allows the bank to contribute effectively to supporting financial inclusion.
This allows for the bank to make its presence felt by being in small areas with appropriate investments and innovative and youthful designs.

He explained that saib Cube achieves two goals at the same time. The first is to serve customers by providing electronic services in customer gathering places, such as major malls, clubs and gas stations.

The second is to introduce non-bank customers to different banking products and support the spread of financial culture among all segments of society.

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