National Bank of Egypt begins work for its first branch in Riyadh

National Bank of Egypt begins work for its first branch in Riyadh
National Bank of Egypt (NBE), which obtained on Tuesday approval of Saudi cabinet to start operation in the Kingdom (Shutterstock)
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Updated 29 September 2021

National Bank of Egypt begins work for its first branch in Riyadh

National Bank of Egypt begins work for its first branch in Riyadh

CAIRO: National Bank of Egypt (NBE), which obtained on Tuesday approval of Saudi cabinet to start operation in the Kingdom, launches preparation for opening its first branch in the capital city, Riyadh, a bank official said.

Yehia Aboul Fotouh, Vice President of NBE said it will start working on the procedures needed and the appropriate location will be chosen and prepared so the bank can start operation in Saudi soon.

He stressed that the Saudi market is large and promising, in addition to the presence of more than three million Egyptians working in the Kingdom.

The bank official said it’s now in talks with the responsible Saudi authorities, to determine the capital of the branch, which must comply with Saudi laws.

The vice president also announced the imminent opening of a branch of the bank in Juba, the capital of South Sudan, after obtaining all approvals for the license, in addition to its branch in Khartoum.