IDB opens new branches within its nationwide expansion plan
Bank plans to expand into seven governorates, including Ismailia, Minya,Alexandria, before year-end
Chairperson and Managing Director of the Industrial Development Bank (IDB), Maged Fahmy, opened on Sunday the latest branch of the bank in Makram Ebeid street in Nasr City.
The new branch is located in a vital commercial area serving the bank’s plan to better serve small and medium-sized enterprises (SMEs) as well as expand the support given to retail banking.
The opening of this branch comes within the framework of the bank’s keenness to pay attention to and improve the banking services provided to its customers, as well as expand and modernise existing services and branches as the engine of development and in support of the national economy.
IDP’s expansion plan aims to enable it to strongly compete in the banking market, to take the banks’ services to a broader base of customers, and become closer to them as well as attract their confidence,through developing all banking services provided at the bank’s branches.
The inauguration of the new branch marks the culmination of the bank’s efforts to serve segments and customer categories as part of the special measures to promote the financial inclusion initiative sponsored by the Central Bank of Egypt (CBE).
The bank plans to expand its operations in the governorates of Ismailia, Minya, Alexandria, Qena, Fayoum, Port Said, Suez, Mansoura, and Aswan before the end of the year, to continue its plan to take the number of branches to 50, by adding 30 new branches.
The bank also plans to launch its first branch to provide banking services using the latest banking technologies that are beneficial to the national economy, in addition to enhancing financial inclusion and delivering services more efficiently.
According to the Deputy Chairperson of IDB, Hamdy Azzam, what is being achieved this year is a continuation of the positive results achieved by the bank in 2018, following the implementation of the development plan, which represents a turning point in the bank’s strategy at all levels of the bank.
He pointed out that the bank has developed and modernised IT systems, the technological infrastructure, and gave attention to human resources and developing their skills, as well as raising their efficiency and improving their income.
Azzam added that the bank has also centralised banking services in order to become more efficient. It also expanded the branch network by geographically spreading. In addition, the bank has a plan to develop and modernise existing branches as well as to strengthen the bank with young employees and special expertise to keep up with the pace of development and create future cadres and new banking products and services.