Al Ahli Bank now operates 39 branches in Egypt

Al Ahli Bank now operates 39 branches in Egypt, also 31 domestic branches and two in the UAE.

Al Ahli Bank, which purchased Piraeus Bank Egypt in 2015, is looking to raise income from non-domestic operations to around 33 percent in three-to-four years from around 20 percent presently, Accad stated. He also mentioned that he hoped to reach that goal “faster.”

Al Ahli Bank of Kuwait is on the lookout for assets in the Gulf region as it looks to increase revenue from international operations.

CEO Michel Accad stated in an interview on Monday in Kuwait City, “We want to manage and absorb the last merger, but we’re always looking for acquisitions,”

He also said, “We can consider anything at the right price, but not anywhere, we have a preference for the Gulf Cooperation Council.”

Al Ahli Bank, which purchased Piraeus Bank Egypt in 2015, is looking to raise income from non-domestic operations to around 33 percent in three-to-four years from around 20 percent presently, Accad stated. He also mentioned that he hoped to reach that goal “faster.”

Banks in the GCC are combining to better challenge in a crowded market. Abu Dhabi’s biggest banks combined previous year to generate a $175 billion powerhouse and Saudi lenders backed by HSBC Holdings Plc and Royal Bank of Scotland are in the process of combining.

Extra liquidity
Al Ahli Bank now runs 39 branches in Egypt, also 31 domestic branches and two in the UAE.

The bank has extra capital and liquidity and was hoping to participate in more of Kuwait’s development projects. It is presently joint lead manager for two local projects with a merged worth of 790 million dinars ($2.6 billion), Accad stated. The projects are “trickling down a bit too slowly,” he mentioned.

Loan expansion in Kuwait is expected to stay flat this year in the low single digits due mainly to project delays and low consumer spending, the CEO stated.
Kuwaiti banks may expand a little quicker than previous year in terms of profit due to lower provisions.

Al Ahli Bank assisted to arrange a $480 million loan for Dubai Aerospace Enterprise this month.

 

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