403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
FIRM FOUNDATIONS WILL SUPPORT NEW GROWTH FOREGYPT’S BANKS
(MENAFN- Editorial) The changes that have taken place inEgypt’s banking systemover the years since reforms were first introduced across the sector in 2003 and 2004, and the opportunities for growthboth at home and abroad,were among the topics addressed bySherif Elwy, Vice Chairman and Managing Director, Arab African International Bank,in a video interviewhe gave to Oxford Business Group’s online broadcasting channel, Global Platform.
The interview is now available to view in full at https://oxfordbusinessgroup.com/video/Sherif-Elwy-Vice-Chairman-and-Managing-Director-Arab-African-International-Bank
Elwy told viewers that the reforms implemented across the banking sector over the years had ensured firm foundations were in place when the Egyptian pound was floatedalmost three years ago.Since then, he added, the banks have improved their performance, supported by a more attractive operating environment.
“The Egyptian banking system is very solidand the performance has been very positive,” he said. “A lot of governance measures were put in place: a requirement for capitalisation andthe way the banks behave in terms of extending credit. When the flotation happened in November 2016, banks were ready.”
Elwy said thatwith neighbouring markets holding plenty of promise for Egypt’s banks, moves were under way to facilitate cross-border growth. He addedthat segments such asfintechwould be key in driving regional expansion but warned that there was no room for delays in their development. “You need to move fast,” he cautioned. “It’s not a matter of whether we think or debate ‘Is it good to use this technology?’ It’s a matter of how fast you getyour system adapted to go in this direction and provide for yourcustomers.”
The disparity between Egypt’s vibrant SME sector and the support it receives from the country’s banking industry was another issue explored in the interview. Elwy acknowledged that the banks had traditionally focused on the large corporates, in part because their size made them cost effective and also due to the fact that they had long-term plans in place.
“But with the reform process, the central bank has started toperform with a futuristic approach rather than reacting to what's happeningin the market… and push the banks towards focusing on the SME business,” he said. “Large, and evenmedium-sized private sector banks are getting into the SME businessin a very active way.”
Marc-André de Blois, OBG’s director of PR and Video Content, said the interview with Elwy provided viewers with a useful snapshot of Egypt’s banking industry before and after the currency flotation, together the preparations under way to encouragefuture growth.
“Elwy emphases the importance of not falling behind when it comes to technological disruption, but also highlights the many opportunities that are there for the industry’s taking,” he said. “I’m delighted that viewers have been given an opportunity to hear more about this important sector of Egypt’s economy and the robust financialsystem in place that is supporting a broad spectrum of local business and commerce.”
Click here to subscribe to Oxford Business Group’s latest content:http://www.oxfordbusinessgroup.com/country-reports
The interview is now available to view in full at https://oxfordbusinessgroup.com/video/Sherif-Elwy-Vice-Chairman-and-Managing-Director-Arab-African-International-Bank
Elwy told viewers that the reforms implemented across the banking sector over the years had ensured firm foundations were in place when the Egyptian pound was floatedalmost three years ago.Since then, he added, the banks have improved their performance, supported by a more attractive operating environment.
“The Egyptian banking system is very solidand the performance has been very positive,” he said. “A lot of governance measures were put in place: a requirement for capitalisation andthe way the banks behave in terms of extending credit. When the flotation happened in November 2016, banks were ready.”
Elwy said thatwith neighbouring markets holding plenty of promise for Egypt’s banks, moves were under way to facilitate cross-border growth. He addedthat segments such asfintechwould be key in driving regional expansion but warned that there was no room for delays in their development. “You need to move fast,” he cautioned. “It’s not a matter of whether we think or debate ‘Is it good to use this technology?’ It’s a matter of how fast you getyour system adapted to go in this direction and provide for yourcustomers.”
The disparity between Egypt’s vibrant SME sector and the support it receives from the country’s banking industry was another issue explored in the interview. Elwy acknowledged that the banks had traditionally focused on the large corporates, in part because their size made them cost effective and also due to the fact that they had long-term plans in place.
“But with the reform process, the central bank has started toperform with a futuristic approach rather than reacting to what's happeningin the market… and push the banks towards focusing on the SME business,” he said. “Large, and evenmedium-sized private sector banks are getting into the SME businessin a very active way.”
Marc-André de Blois, OBG’s director of PR and Video Content, said the interview with Elwy provided viewers with a useful snapshot of Egypt’s banking industry before and after the currency flotation, together the preparations under way to encouragefuture growth.
“Elwy emphases the importance of not falling behind when it comes to technological disruption, but also highlights the many opportunities that are there for the industry’s taking,” he said. “I’m delighted that viewers have been given an opportunity to hear more about this important sector of Egypt’s economy and the robust financialsystem in place that is supporting a broad spectrum of local business and commerce.”
Click here to subscribe to Oxford Business Group’s latest content:http://www.oxfordbusinessgroup.com/country-reports
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment