NBE to open first exchange company by May-end

CAIRO – 9 May 2017: Egypt’s largest public sector bank, the National Bank of Egypt (NBE), will open its first currency exchange firm in Cairo before the end of May, Deputy Chairman Yehia Abu el-Fotouh told Egypt Today Tuesday.

With the aim of providing integrated financial services, the NBE intends to inaugurate 10 new branches during 2017; most of them will be based in Cairo, while the rest will be in other areas nationwide, Abu el-Fotouh added.

The bank’s Chairman Hisham Okasha told Egypt Today earlier that his bank is planning to establish 25 branches for the affiliate firm to provide exchange services during three years (until the end of 2019).

The bank is currently selecting the locations for the new branches. The new entity’s capital is estimated at 50 million EGP ($2.75 million).