The Industrial Development Bank of Egypt is to launch its first credit card in cooperation with MasterCard next month, board member Hamdy Azzam said Saturday.
The bank seeks to diversify its retail products and allure new segments of clients, Azzam added.
The bank has succeeded in achieving 300 million Egyptian pounds (US$38.3 million) in its retail portfolio by the end of September 2015, registering regular payment rate of 99.5 percent.
Azzam added that the bank has financed 200 clients with 20 million Egyptian pounds as part of the central bank’s mortgage initiative.
The Industrial Bank was initially established in 1947 as a state owned joint stock company with a capital of 1.5 million pounds to provide specialized financing for the industrial private sector. In 1971 the Bank was merged into Bank of Alexandria and became a specialized department for Micro lending. In 1976 the Bank was re-established as The Industrial Development Bank of Egypt, an autonomous specialized financial institution focusing on providing structured finance to the newly emerging private sector industrial projects.
