Al Baraka Bank Egypt signed a contract to purchase a new headquarters in Teseen Road in El Tagamu El Khames (fifth settlement) in New Cairo City at the beginning of this week.
The investment cost of a new headquarters and a branch is valued at EGP 500 million, said Ashraf El-Ghamrawy, CEO of Al Baraka Bank Egypt.
Al Baraka Banking Group is optimistic over the Egyptian economy and it has an ambitious expansion plan in the country in the upcoming period.
The bank targets to launch seven new branches in 2013 most notably in Heliopolis, Zamalek, Abbassia, New Maadi and El-Manial.
Al Baraka Bank Egypt achieved net profit of EGP 67.821 million in the first half of 2012, up from EGP 66.446 million in the first half of 2011, with an increase of 2.1%.
