Isam Jassim Al Sager, CEO of the National Bank of Kuwait Group and chairperson of the National Bank of Kuwait – Egypt, said that the bank’s success since its entry into the Egyptian market exceeded all the group’s expectations, which affirms its confidence in the market—being a long-term investment for the group.
He pointed out that the Egyptian economy is among the largest economies in the Arab world and has a positive outlook for growth. He also said the economy has an enormous capacity to confront any developments that may affect it, able to rise quickly and maintain its health.
“Egypt is among the group’s focus markets, being a promising market that provides strong growth paths, given the enormous economic opportunities available in it, Egypt’s population of more than 100 million people who would need financial and banking services. This is an opportunity for any economic institution wishing to increase the size of its business,” Al Sager said.
He added that the strength of NBK – Egypt’s profits, and their annual increase, comes from operation profits, due to the improvement of the business environment, especially in recent years, which reflects the stability of the economic situation in Egypt.
He stressed that this stability will create new opportunities for the bank in investment and financing, and will contribute to improving the level of integration of products between the bank and the group, which strengthens its position in the Egyptian market.
“NBK investments in Egypt are long-term investments, as the group considers the bank’s presence in Egypt one of its most important branches and its importance grows over time interest, reflected by the continuous growth in profits and hence, contribution to the group’s total profits,” Al Sager said.
Finally, he said that the NBK brand has been linked to confidence, quality, and security, since it was first founded in 1952 as the first national bank and joint stock company in the State of Kuwait and the Arab Gulf region. The bank is committed to the highest standards of banking, providing the best services to its customers, and is keen on establishing good relationships, based on trust, and extending from a generation to another, with clients.