Attijariwafa Bank reaffirms its strong presence in Egyptian market

BANK SUCCESSFULLY OPERATES UNDER ITS NEW NAME, TRADEMARK

SinceAttijariwafa Bank (AWB)’s 100% acquisition of Barclays Bank Egypt’s shares, which took place on 3 March 2017, a deal that is considered one of the largest deals in the Egyptian banking sector, Attijariwafa Bank Egypt has left its footprint in the market by participating in a number of strategic conferences and events.

One of the key conferences the bank participated in was the Euromoney Egypt Conference, where the bank unveiled its strategy in Egypt for the upcoming period.The bank’s participation came in line with its strategy, which includes leveraging Egypt’s unique geographical advantage—being a port to the Middle East and North Africa region—and its diversified investment opportunities, especially in the banking and financial sector.

In relation to evolving and developing innovation and technological solutions that are considered vital means to achieving financial inclusion,Attijariwafa Bank Egypt participated in Cairo ICT exhibition as a golden sponsor for its 21st round. During the exhibition, the bank sponsored the InnovationARENA award, which included the participation of 47 groups of young innovators.

Attijariwafa Bank Egypt officials have announced the winners of the Innovation Arena competition and have offered them financial support worth EGP 300,000.The competitions were announced three months prior to the conference, where more than 120 ideas were collected from diverse Egyptian governorates. The closing ceremony included the participation of 47 teams of young innovators with promising ideas in the fields of health, education, social media, smart cities, digital payments, and electronic applications that serve the disabled.

All the participants have passed through successive elimination phases until the selection of the final stage winners; four teams out of the 47, including a special prize for a young female participant.

When it comes to strengthening African trade relations, Attijariwafa Bank and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding (MoU) to collaborate in developing a large framework of African-wide cooperation. On the sidelines of the Africa 2017 Forum, Mohamed ElKettani, chairperson and CEO of Attijariwafa Bank and Benedict Oramah, chairperson and president of Afreximbank, signed the MoU.

On the other hand, and in line with AWB’s corporate social responsibility strategy that focuses on initiatives that aim at achieving economic growth and individual prosperity, Attijariwafa Bank Egypt participated in the campaign “Accessibility Matters” as a platinum donor for the campaign launched by Helm Foundation. The collaboration is expecting to create a convenient track around the Cairo University campus and fitting the surrounding subway and bus stations with accessibility for the disabled.

Nearly a quarter of a million people pass by the Cairo University campus on a daily basis,a fact that highlights the bank’s vital role in creating a more accessible environment for the disabled while aiding their learning and working experiences.Achieving such objectives will ultimately contribute to the inclusion and participation of all members of society in achieving prosperity and economic growth for Egypt.

Concerning bank performance,the total loan portfolio of Attijariwafa Bank Egypt grew by 31% at the end of the third quarter of 2017 achieving 38% growth in corporate loans to reach EGP 8.6bn compared to EGP 6.3bn at the end of 2016.This accomplishment was a result of the implementation of a new growth strategy and portfolio diversification in several economic sectors including real estate, construction, electricity, renewable energy, food, finance leasing, microfinance, and financial institutions.

As for the achievements reached through group synergy, Attijariwafa Bank Morocco was successfully the mandated lead arranger (MLA) for the equity bridge loan financing Orascom Construction Limited’s equity share in the Gulf of Suez wind farm project. The loan was provided by Attijari International Bank (AIB) with the support of Attijariwafa Bank Egypt’s team and the group’s project finance team in Casablanca. For Attijariwafa Bank Egypt, this transaction marks the bank’s first involvement in a syndicated offshore loan.