The National Bank of Egypt celebrated the opening of its first branch in Saudi Arabia in the capital Riyadh, which began its actual operations on October 16 last year after receiving unobjectionable consent from the Saudi Arabian Central Bank (SAMA) for the bank to conduct banking operations in the Kingdom of Saudi Arabia.
The opening ceremony was attended by His Excellency Khaled bin Walid Al Daher, Deputy Governor of the Saudi Arabian Central Bank (SAMA), Mohammed Al Atrebi, Chief Executive Officer of the National Bank of Egypt, His Excellency Ihab Abu Sali, Ambassador of the Kingdom of Egypt to Egypt, and Soha Al Turki, Deputy Governors of the National Bank of Egypt, and Yahya Abu Al Futou. Mr. Al Safti, Executive Chairman of Financial Institutions and International Financial Services, and the specialized work team of the National Bank of Egypt.
At the opening ceremony, Mohammed Al Atlibi confirmed that the opening of the National Bank of Egypt (Riyadh) took place within the framework of the bank’s strategy to expand its service range and increase its international presence, and as the culmination of the outstanding relationship between the two countries, as Egypt and Saudi Arabia share a strong economic and investment partnership, and economic and investment cooperation between the two countries has achieved significant development in all fields and levels.
Soha Al Turki added that the Bank’s choice to locate its Riyadh branch in the Kingdom of Saudi Arabia is a natural extension of these excellent relationships, as the Kingdom of Saudi Arabia is one of Egypt’s largest economic partners and one of the largest Arab countries in terms of investment volume in Egypt, covering all production and service sectors.
Mr. Al Turki emphasized that the strategic presence of the National Bank of Egypt in Saudi Arabia greatly supports economic relations and investments between the two countries based on the opportunities that are expected to benefit from the Saudi market. This is because these relationships derive their strength from constant factors that remain fundamental pillars in strengthening the mutual relations between our two countries.
Yahya Abu Al-Futou pointed out the application of modern technology in the banking operations of the National Bank of Egypt in Riyadh and the selection of the best executives in the labor market. These executives are trained to maintain the Bank’s good corporate identity in the design and equipment of all its branches, as well as guarantee the highest quality rates in the services the Bank provides.
Abu Al-Futou pointed out that the bank is keen to establish a presence in Saudi Arabia by opening branches aimed at serving Egyptian and Saudi companies operating in the Kingdom, especially considering the existence of mutual investments between Saudi Arabia and Egypt.
Hisham Al-Safti added that this branch not only stands out due to its strategic location, but is also part of the National Bank of Egypt’s vision for its strategic presence in the Arab region. In addition to the services it provides, it is also considered the basis for achieving consistency and harmonization of the bank’s policies as it seeks to expand outside Egypt, as the branch is not a traditional bank branch, but an integrated center that provides trade finance operations as well as a variety of services that meet the needs of customers in the Kingdom through banking services provided to businesses. Through this branch, the bank aims to help investors in Egyptian, Saudi and Arab companies meet their banking requirements and expand the scope of their services and presence. It will also promote and strengthen commercial activities and domestic investments between Egypt and Saudi Arabia, strengthen the partnership between the two countries, and contribute to providing a variety of banking services to companies wishing to invest.
The National Bank of Egypt celebrated the opening of its first branch in Saudi Arabia in the capital Riyadh, which began its actual operations on October 16 last month after receiving approval from the Saudi Central Bank (SAMA) for the bank to carry out banking activities in the Kingdom.
The opening ceremony was attended by His Excellency Khalid bin Walid Al Dahel, Governor of the Saudi Central Bank (SAMA), His Excellency Mohamed El Etleby, Deputy CEO of the National Bank of Egypt, His Excellency Ihab Abu Shiri, Egyptian Ambassador to Egypt, Suha Al Turki and Yahya Abu Al Fotouh, Deputy CEOs of the National Bank of Egypt, and Mr. Hisham. Mr. Al Safti, Executive Head of Financial Institutions and International Financial Services, and a dedicated team from the National Bank of Egypt.
At the opening ceremony, Mohamed El-Etlebi confirmed that the opening of the National Bank of Egypt (Riyadh) is part of the bank’s strategy to expand its services, increase its international presence and culminate the excellent relations between the two countries. Egypt and Saudi Arabia share a strong economic and investment partnership, and economic and investment cooperation between the two countries has made significant progress in all areas and levels.
Suha Al Turki added that the bank’s choice to locate in the Kingdom of Saudi Arabia with its Riyadh branch is a natural extension of these distinguished relationships, as Saudi Arabia is one of Egypt’s largest economic partners and one of the largest Arab countries in terms of investment volume in Egypt, covering all production and service sectors.
Mr. Al Turki emphasized that the strategic presence of the National Bank of Egypt in Saudi Arabia greatly supports economic relations and investments between the two countries, based on the opportunities expected to be exploited in the Saudi market. This is because these relationships derive their strength from certain factors that remain fundamental pillars in strengthening bilateral relations.
Yahya Abu Al Fotouh pointed out the application of modern technology in the banking operations of the National Bank of Egypt in Riyadh and the selection of the best human resources in the labor market. These personnel are trained to ensure the Bank’s highest quality service standards, in addition to maintaining the Bank’s distinctive corporate identity in the design and equipment of all its branches.
Abu Al-Fotouh highlighted the Bank’s efforts to establish a presence in Saudi Arabia by opening branches aimed at serving Egyptian and Saudi companies operating in the Kingdom, especially in view of mutual investments between Saudi Arabia and Egypt.
Hisham Al Safti added that this branch not only stands out due to its strategic location, but also is part of the National Bank of Egypt’s vision for its strategic presence in the Arab region. This serves as a basis for achieving consistency and harmony in the policies of banks aiming to expand outside Egypt. In addition, the services provided will not be simply those of a traditional bank branch, but will be a comprehensive center that provides a variety of services to meet the needs of customers in the Kingdom, including trade finance operations and banking services for businesses. Through this branch, the bank aims to help investors from Egyptian, Saudi and Arab companies meet their banking requirements, expand their service range and establish a presence in new markets, as well as promote and strengthen trade operations and mutual investments between Egypt and Saudi Arabia, thereby contributing to strengthening the partnership between the two countries and providing a variety of banking services to companies wishing to invest.
