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| Libyan Foreign Bank to increase investment in Egypt |
BEIRUT: Libyan Foreign Bank, the major stakeholder in the Suez Canal Bank and the Arab International Bank, announced a new strategy to expand its investments in the Egyptian market.
The Libyan Foreign Bank’s strategy is based on “increasing its shares in the two banks, and the possibility of increasing its capital in light of the potential opportunities ahead,” CEO Mohamed Bin Youssif told Youm7 on the sidelines of the Arab Banking Conference 2013, held in the Lebanese capital Beirut, Thursday.
“The executive departments in the Suez Canal Bank and the Arab International Bank have been directed to expand in financing small- and medium-sized enterprises (SMEs), and to establish new departments to be tasked with this mission as part of the bank’s expansionary policy in retail banking,” Youssif explained.
“The Egyptian market is making good steps, to be a major economic center in the future,” Youssif said, expecting private sector contributions to grow during the coming period, especially in the field of SMEs.
