The Banking Executive Magazine - November 2022 Issue

Banque du Caire Banque du Caire ESTABLISHES CAIRO EXCHANGE WITH AUTHORIZED CAPITAL OF $10.18MLN Banque du Caire has concluded the establishment of the Cairo Exchange Company with an authorized capital of EGP 250m and an issued and paid-up capital of EGP 100m, after obtaining the Central Bank of Egypt’s approval. Cairo Exchange’s board of directors includes non-executive chairperson Mohamed Ali, Managing Director and CEO Mohamed Ragai, and non- executive board members Amr Maged, Mohamed Hosni, and Abdel Hamid Mortaga. Tarek Fayed, Chairperson and CEO of Banque du Caire, said that the es- tablishment of Cairo Exchange comes within the framework of Banque du Caire’s role to provide a range of diverse financial services that expand the bank’s customer base and increase foreign exchange resources, in line with the plans of the state and CBE to achieve the goals of financial inclusion in The framework of Egypt’s Vision 2030, as it reflects Banque du Caire’s leader- ship and its role in supporting the Egyptian economy. Bahaa El-Shafei, Deputy Chairperson of Banque du Caire, said: “Cairo Ex- change is a new addition to Banque du Caire, through which we aim to diversify the bank’s investment port- folio and achieve the highest invest- ment return, and through our new investment arm, we will work to at- tract more foreign currencies, in ad- dition to attracting new customers.” Abdel Hamid Mortaga, acting head of the investment sector at Banque du Caire, explained that the new company aims to diversify the bank’s investment portfolio, and comple- ment its package of services, after es- tablishing the financial leasing company and the digital payments company, and acquiring a share in a money transfer company. He pointed out that the share of Banque du Caire in the company amounts to 99.99%. Mohamed Ali, Non-Executive Chair- man of the Board, indicated that the company adopts an ambitious plan for rapid expansion to cover most of the governorates of the country, as it intends to launch about 20 branches by the end of 2023, and increase the number of branches to 50 branches until 2025. He added that the strat- egy of “Cairo Exchange” focuses on carefully selected locations across all of Egypt. Mohamed Ragai said that the branches have been equipped and provided with the best technological programs and, with a distinguished external appearance and readiness to provide distinguished exchange serv- ice to customers. Ragai added that the company aims to launch five branches before the end of this year, as it is planned to open two branches in Al-Rehab and Damanhour, following the approval of CBE, to be the launching platform for the company after the completion of their preparation. Work is sched- uled to start at the end of this month, and three branches are being pre- pared in the regions of Disouq, Sohag, and Hurghada to launch be- fore the end of this year. the BANKING EXECUTIVE 38 ISSUE 167 NOVEMBER 2022