National Bank of Kuwait, the Gulf Arab state’s largest commercial lender, is looking to increase its market share in Egypt by focusing on the retail sector, its chief executive said on Monday.
The Kuwaiti bank intends to focus on the retail banking sector, by providing cutting-edge solutions in Egypt, Isam Al-Sager said in a television interview.
NBK Group’s investments in Egypt are of strategic and long-term nature. NBK-Egypt is considered one of the most important branches for the NBK Group as it provides almost third of the profits attributed to international branches, Al-Sager added.
There are many potential opportunities across all sectors in the Egyptian market; retail, corporate as well as small and medium-sized enterprises, he said.
National Bank of Kuwait (NBK) announced last week that it had achieved KD 107.7 million (about $354 million) in net profit in the first quarter of 2019, a growth of 15.1 percent year-on-year, adding its total assets to KD 27.4 billion (about $90.1 billion).
