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Crédit Agricole Egypt (CAE) confirms its support to Egypt’s economy and announces its expansion plans

Crédit Agricole Egypt (CAE) confirms its support to Egypt’s economy and announces its expansion plans-

  • François Drion: We believe that there are strong opportunities for Egypt’s economy
  • Crédit Agricole is investing for supporting the sustainable growth of its businesses
  • The bank’s net profit increased by 6.2% to reach EGP682.4 million in 2014

Cairo, March 8, 2015 – In parallel to the Economic Summit in Sharm al-Sheikh under the title ‘Egypt is the Future’, Crédit Agricole Egypt has announced its intention to expand and boost its business in the Egyptian banking market. This step comes as part of the bank’s efforts to support and contribute to the development of the Egyptian economy from one side and to gain the confidence and satisfaction of its clients on the other side.

“Crédit Agricole is confident in the development of the Egyptian economy and believes that there are strong opportunities with the Sharm-Sheikh Summit that would boost Egypt’s new economic take-off”, said Mr. François-Edouard Drion, Chairman and Managing Director of CAE. In this context, the bank confirms its desire to be part of this new rise, by continuing to serve both corporate and individual customers.

“On this occasion, Crédit Agricole is investing for supporting the sustainable growth of its businesses, through an expansion plan including the inauguration in 2014 of the new head office ‘Unity’ in New Cairo, as a key milestone”, mentioned Mr. Drion. The plan also includes the increase of its network to reach 80 branches across Egypt during 2015, thus demonstrating its proximity and convenience to its clients. Moreover, the bank is working on upgrading its infrastructure, with the upcoming establishment of a new core banking system to improve the quality of services provided to the customers. In addition, new products specially designed to fit the needs of various segments, will be launched soon.

It is pertinent to mention that CAE has recently announced its business results for 2014, which witnessed an increase of 6.2% in its net profit to reach EGP682.4 million and posted a total growth of 8.8% in deposits and a 4% increase in total loans, all compared to 2013.

Furthermore, Crédit Agricole is deploying great efforts to support the Egyptian community with innovative initiatives, by sponsoring a number of projects for the enhancement and development of health and education. Crédit Agricole’s donations reached around LE16 million during 2014.