BLOM Bank Egypt tar­gets mar­ket share of 1.5-2% in 5 years: Azhari

BANK’S GEN­ERAL ASSEM­BLY AGREES TO PUMP EGP 300M, BOOST­ING CAP­I­TAL TO EGP 2BN

The Daily News Egypt - - News - By Hos­sam Mounir

Saad Azhari, chair­per­son and gen­eral man­ager of BLOM Bank, which owns BLOM Bank Egypt, said that the bank aims to ob­tain a mar­ket share in Egypt of 1.5-2% in the com­ing five years.

Azhari told Daily News Egypt that the bank’s cur­rent share is about 1%, adding that its growth in Egypt will be grad­ual.

“BLOM Bank Egypt is the sec­ond largest unit in the par­ent group and is the fastest grow­ing and ex­pand­ing bank. It also achieves the high­est re­turn on share­hold­ers’ eq­uity among the group’s units,” Azhari said.

He added that the vol­ume of the bank’s busi­ness and prof­its in Egypt rep­re­sents about 10% of the to­tal prof­its and vol­ume of the par­ent group.

Azhari pointed out that Egypt is a promis­ing coun­try and there are many ar­eas to ex­pand in it. There is also great con­fi­dence from the par­ent group to in­vest in the coun­try, point­ing out the bank’s keen­ness to es­tab­lish sev­eral sub­sidiaries in the fields of in­sur­ance, se­cu­ri­ties, and as­set man­age­ment.

He also said that BLOM Bank has not re­ceived any prof­its from its Egypt unit over the past years, pre­fer­ring to leave them in Egypt to in­crease the bank’s ac­tiv­ity and sup­port its cap­i­tal base.

The bank’s gen­eral assem­bly ap­proved, on 27 March 2017, to use EGP 300m of prof­its in 2017 to raise the bank’s is­sued and paid-up cap­i­tal to reach EGP 2bn, up from EGP 1.7bn, a growth of 17.6%.

Ac­cord­ing to Mo­hamed Ozalp, man­ag­ing di­rec­tor and CEO of BLOM Bank Egypt, prof­its in­creased in 2017 by 30% to EGP 702m, up from EGP 540m at the end of 2016.

Saad Azhari, chair­per­son and gen­eral man­ager of BLOM Bank

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