Mubasher: The National Bank of Egypt (NBE) was among the first banking institutions to apply to Saudi authorities to open a branch in Saudi Arabia, Yehia Aboulfotouh, Deputy Chairman of the NBE, noted.
In an exclusive interview with Mubasher Info on the sidelines of the opening of NBE’s first branch in Riyadh, Aboulfotouh elaborated that the inauguration was supposed to take place earlier but was delayed due to the repercussions of COVID-19.
The largest commercial lender in Egypt planned to launch business in the Kingdom after the Saudi Central Bank (SAMA) permitted foreign banks to open branches starting in 2020.
Meanwhile, the deputy chairman affirmed that the bank's management was keen to choose a geographical location in a vibrant area capable of meeting the needs of its target customers.
He asserted that the bank adhered to all the regulatory requirements issued by SAMA and obtained the necessary license to officially open the branch.
In line with its strategic approach, NBE launched a competition within Egypt to select the best banking personnel to work at the Saudi branch, in addition to recruiting and training a number of recent Saudi graduates.
NBE announced the opening of its first branch in Saudi Arabia last October, becoming the first Egyptian bank to operate a physical branch in the Kingdom.
