NBE opens first two branches of its exchange company

CAIRO – 19 August 2017: The National Bank of Egypt (NBE) will open the first two branches of its respective exchange company next Tuesday in Nasr City, and will open another 13 branches during the current 2017-2018 fiscal year, NBE’s vice chairman Yehia Aboul Fotouh announced on Saturday.

NBE’s exchange company will bear the name Al-Ahly Exchange Company, and is entitled to sell and purchase Arab and foreign currencies and to price them in accordance with the agreement signed between the company and the NBE, Fottoh elaborated, adding that the new exchange company’s paid-up capital reaches LE 50 million ($2.813 million).

Meanwhile, Hisham Okasha, chairman of the NBE said his bank is looking for opening 25 branches of the exchange company over the coming three years, confirming that the company is intended to offer integrated financial services.

The NBE is the second public bank to hike interest rates after Banque du Caire, which raised its interest rates on Certificates by two percent.