Remittances from expats through NBE’s New York branch increased 40%

CAIRO – 25 April 2018: General Manager of the National Bank of Egypt’s (NBE) New York branch Khaled el-Gorab said that remittances from Egyptian expatriates in the United States through his branch increased 40 percent in 2017 on a year-on-year basis.

Generally, the Central bank of Egypt (CBE) said earlier that the total remittances from Egyptian expatriates recorded $29.1 billion during the period from November 2016 to December 2017, compared to $24.4 billion in the same period of 2015/2016.

Gorab pointed out that a large proportion of the remittance were directed to the 20-percent saving certificate that the bank used to issue.

He added that there is an increasing demand for the Belady dollar certificate which can be purchased through electronic payment cards issued by banks outside Egypt or through bank transfers.

NBE’s New York branch was established in 2011 to be the only branch of an Egyptian bank in North and South America. The branch is regulated by the New York State Banking Department and the U.S. Federal Reserve. It has 29 employees of different nationalities.

The branch's budget ranges between $900 million and $1 billion, Gorab said.

NBE owns two branches around the world one in Shanghai, China, and the other in New York, the United States of America. It also has a subsidiary in London.

The National Bank of Egypt was established on June 25, 1898 with a capital of £1 million.