Crédit Agricole Egypt advances digital transformation culture, opening more innovative branches across Egypt
The bank’s Foundation launches initiatives to improve education and healthcare, promote entrepreneurship and encourage women empowerment
Cairo – May 29, 2019 – Mr. Pierre Finas, Managing Director of Crédit Agricole Egypt has announced with satisfaction that the bank is advancing on solid steps in the implementation of its growth strategy relying on innovation and sustainability with the aim to take further the bank’s leading position and usefulness to achieve more customer loyalty, employee’s engagement, usefulness to the community and respect to the environment.
Crédit Agricole Egypt plans to increase its branches network by 25%, launch new services and develop the level and quality of the current ones, while utilizing the latest technologies, said Mr. Finas. In this context, he mentioned that, following the inauguration of the bank’s first cashless branch in “Dandy Mall”, Crédit Agricole Egypt opened the Messaha branch in Dokki last week, which is the third in the series of innovative branches concept “banki Store”. Another banki store branch is scheduled to be opened in the city of Tanta soon. This concept is based on the balance between the latest technology and the human advice in a way to support the culture of digital transformation and financial inclusion. This comes in line with the Central Bank of Egypt’s direction and Crédit Agricole Egypt’s focus on value-added services to customers, as per the bank’s pledge of being “a whole bank just for you.” To ensure a distinguished customer experience, the bank has released the newest version of0 its banki Mobile app equipped now with the smart touch identification to unlock many new features.
Continuing to promote reliance on renewable energy, Crédit Agricole Egypt has recently equipped its 6th of October City branch with a solar-power plant. The move is in line with the government’s push to meet greater energy needs from renewable, clean sources. The plant’s average contribution to the branch consumption is 30-45% monthly and the energy saving per year is sufficient to cover the consumption of 105 households. Crédit Agricole Egypt boasts the biggest rooftop solar panel owned by a bank in Egypt at its head office in New Cairo. The bank intends to expand in the usage of renewable energy in more branches.
The bank’s continued growth and commercial development has been reflected on its recent financial results, as it has achieved a net profit of EGP 701.6 million, up 33.7% quarter-on-quarter and 15.8 % year-on-year. Backed by the positive economic outlook and the subsequent rise in national commercial activities, the bank’s loan portfolio has seen a 6.8% increase quarter-on-quarter and 25% year-on-year, with a view of meeting clients’ demands and boosting the Egyptian economy.
This commercial growth is paralleled with the bank’s commitment towards the community and support to the drivers of prosperity for all Egyptians everywhere. Accordingly, the bank has launched its foundation in 2018, which is actively working according to a sustainable approach to make a more profound impact and to drive positive change in society with focus on youth through education, health and entrepreneurship.
The main initiative for the Foundation this year, and in line with our ambition to support the development of the health sector, Crédit Agricole Egypt Foundation for Development is sponsoring a major project for Abu El Reesh Japanese Children’s Hospital. Giving a special attention to the children’s health and well-being, the foundation will renovate and upgrade 3 operation rooms, which will support in performing up to 3000 operations per year. The foundation will be donating EGP 5 million and is arranging a fundraising campaign to collect a total of around EGP 50 million. Not only so, the foundation continues to support the children cancer hospital 57357 for more than 10 years now.
Among the recent projects and initiatives launched by the Foundation, Mr. Pierre Finas has mentioned ‘Ebhar Misr’ initiative launched in 2018 in cooperation with ‘Education First Foundation’ to sponsor exceptional talents, to help them develop new skills and nurture their talents. This initiative is sustained in 2019 with more development since a digital platform will be launched soon to accept young applicants across Egypt.
Crédit Agricole Egypt has a steadfast commitment to supporting youth entrepreneurship, supporting Misr El Kheir’s technology incubator program GESR. The program funds innovators and tech-enabled startups focused on social challenges in the fields of water, energy, food, health and education. It is designed to support social entrepreneurs throughout the various stages of the innovation cycle, from ideas and prototypes to creating products with market value and finding suitable investment opportunities.
Earlier this year, Crédit Agricole Egypt Foundation for Development signed an agreement with the Ministry of Social Solidarity, under which it will offer EGP 6 million grant over three years to help finance micro-sized enterprises by women in most deprived areas of Egypt. The grant is part of Crédit Agricole Egypt’s efforts to promote women empowerment in poor villages, alleviate poverty and improve living conditions of low-income families.
Sustaining one of the fundamental projects in the education sector, Crédit Agricole Egypt is still continuing to fund around 200 community schools in poor remote villages in Upper Egypt where around 6,000 primary students benefit from the project with a financing support of EGP 2.5 million. Crédit Agricole works hand in hand with Misr El Kheir charity organization to see the prosperity of this cause.
About Crédit Agricole Egypt:
Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, a market leader in Universal Customer-Focused Banking in France and one of the largest banks worldwide. With operations in 50 countries, Crédit Agricole Group seeks to serve the real economy by supporting its clients’ projects in all areas of retail banking and associated specialized business lines. Emphasizing its values and commitment, Crédit Agricole Group is the bank of common sense. It puts the satisfaction and the interests of all its customers, employees and shareholders at the heart of its activities.
Established in 2006, Crédit Agricole Egypt has become an active player in Egypt’s financial industry offering a wide range of innovative and convenient products to its clients across the entire spectrum: Corporate, SMEs and individuals. Crédit Agricole Egypt’s key goal is customers’ satisfaction by valuing and prioritizing their best interests Thus, Crédit Agricole Egypt has created specialized segments to cater its customers’ needs by offering the sound advice and tailored financial solutions. Accessibility and customers’ convenience are a priority for Crédit Agricole Egypt that offers a nationwide network of branches and ATMs. Also, the bank is considered as a market leader in terms of electronic services by offering state-of-the-art electronic banking solutions.
About Crédit Agricole Egypt Foundation:
Within its sense of social responsibility to carry out sustainable projects for the benefit of the Egyptian society CAE Foundation for Development was formed as a non- profit NGO fully owned by CAE to serve the poor segment of the society. It was newly established in the middle of 2017 as it has been licensed by Ministry of Social Solidarity in May 2017. Launching Crédit Agricole Egypt’s Foundation for Development is at the core of Crédit Agricole Egypt’s strategy and Credit Agricole Group’s fundamental values, which are based on having an impact on our society.