Suez Canal Bank is undergoing a transformation aimed at growth in Egypt’s financial sector. Under the leadership of CEO Akef El Maghraby, the bank focuses on enhancing capital, expanding services in corporate and retail banking, and investing in non-banking financial markets. With initiatives targeting digital transformation and urban development, the bank aligns with Egypt’s Vision 2030, ensuring sustainability and economic growth.
Akef El Maghraby, CEO & Managing Director of Suez Canal Bank, recently emphasized the bank’s growth and transformation initiatives aimed at enhancing its position within Egypt’s financial sector. Key strategies implemented in 2024 include a focus on corporate banking, support for SMEs, and the expansion of retail banking, which are backed by innovative financial solutions designed for various customer segments.
To enhance its position, the bank’s authorized capital has been increased to EGP 10bn, strengthening its capacity to support substantial investments while meeting customer demands. El Maghraby expressed the goal of positioning Suez Canal Bank as a leading player by diversifying into non-banking financial activities, including investment banking, corporate finance, and various other services.
The bank aims to establish a presence in the non-banking financial services sector through new ventures and acquiring stakes in existing companies. Such a strategy will enable it to influence key decision-making processes and add significant value to its investments in areas such as capital markets, insurance, and real estate finance.
El Maghraby highlighted the importance of efficient asset portfolio management, advocating for strategies that maximize the value of investments. Integration of the investment portfolio with corporate financing and retail banking services is crucial, aligning operations with best practices across the bank’s activities to enhance overall group value.
Supporting digital transformation, Suez Canal Bank has created a dedicated division to enhance its digital banking services. This initiative includes the launch of the SCB Mobile Banking app, which provides customers with 24/7 access to banking services while adhering to high security standards as set forth by the Central Bank of Egypt (CBE).
To promote urban development, the bank offers competitive mortgage solutions aimed at supporting homeownership. Participation in the CBE’s mortgage initiative allows Suez Canal Bank to provide financing for low- to middle-income earners, promoting economic growth through real estate development projects.
In terms of investment, Suez Canal Bank launched Anchors Real Estate Investment and Development Company, acquiring strategic holdings to execute and manage key real estate projects. This initiative is a stepping stone to forming essential partnerships with leading real estate developers, aiming for enhanced financial performance and long-term viability.
The bank is actively restructuring its investment portfolio, focusing on divesting from underperforming assets while exploring new investment avenues that align with its strategic goals. This includes enhancing operational and administrative frameworks to improve overall investment outcomes.
Recently, Suez Canal Bank launched new savings products with attractive return rates targeting individual customers, while also focusing on sustainable financing. New green financing initiatives seek to cater to environmentally conscious clients, reinforcing the bank’s commitment to Islamic banking with Sharia-compliant products.
Suez Canal Bank is on an ambitious trajectory to become a key player in Egypt’s financial landscape through strategic enhancements in capital, services, and operational efficiencies. The bank’s commitment to digital transformation, urban development support, and sustainable finance reflects its alignment with Egypt’s Vision 2030. With a proactive approach to investment management and a focus on integrating sustainability into operations, the bank is well-positioned for future growth and recognition in the financial sector.
Original Source: www.dailynewsegypt.com
