Société Arabe Internationale de Banque (SAIB) is planning to inject new finances worth EGP 1.5 billion in the SMEs sector within the next year, the bank’s Chairman and Managing Director Mohamed Naguib announced on Tuesday.
During a press conference held on Tuesday after signing a syndicated loan worth EGP 2 for state-owned Egyptian General Petroleum Corporation (EGPC), Naguib stated that his bank will be adopting an expansion policy in 2014. SAIB will be pumping around EGP 400 million in the retail banking sector, he added.
The top banking official also revealed that SAIB is planning to open 3 to 4 branches within 2014.
This comes after SAIB alongside 12 other Banks operating in Egypt had signed on Tuesday an agreement to arrange, manage and market a syndicated loan for state-owned EGPC.
The banking consortium to provide EGPC’s EGP2 billion loan consists of the SAIB Bank as the key loan arranger – the Mandated Lead Arranger and Facility Agent; in addition to Ahli United Bank, Bank Audi Egypt, the Egyptian Arab Land Bank (EALB), the Egyptian Gulf Bank (EGBE), Faisal Islamic Bank of Egypt, Blom Bank – Egypt, the Arab Bank, Arab Investment Bank (AIB), Piraeus Bank – Egypt, Al Baraka Bank of Egypt, the Industrial Development & Workers Bank of Egypt (IDBE), and the National Bank of Greece (NBG) – Egypt.
