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Al Baraka bank-Egypt aims 15% market share, 32% assets by 2020

Al Baraka bank-Egypt aims 15% market share, 32% assets by 2020

ArabFinance: CEO of Al Baraka Banking Group Adnan Ahmed Yousif, who is the chairman of Al Baraka Bank – Egypt (SAUD), said in the press conference held last Thursday, the bank aims to boost its market share to 15% of the private banks in Egypt by 2020.

It is worth to mention, the bank's current market share in Egypt is around 7%.

Adnan added Bahraini Islamic lender Al Baraka Group seeks to increase the budget of its Egyptian unit to 100 billion Egyptian pounds in 2020, as it will raise the bank assets ratio to 32%.

The bank’s budget in Egypt currently stands at LE61 billion.

Al Baraka bank plans to increase the number of branches in Egypt to 50 branches by 2022, compared to 35 branches currently, CEO reported.

On the other side, CEO pointed out Al Baraka Banking Group is allocating $20 million to finance Small and medium-sized enterprises (SMEs).

By: Nada ElKorashy

 

 

 

 

 

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