9:14 AM, September 21, 2023

EGBANK: Youthful banking done right

| The European | 25 September 2017

The banking industry is an ancient one, with early roots dating back to 2000 BC in Assyria and Babylonia where merchant banks granted grain loans to farmers and traders who carried goods between cities, all the way to the emergence of modern banking in the early 17th century reaching our modern-day banking system. Throughout different global events; the banking institution has been steadfast and, for the most part, stable. In that long and rich history, it has become increasingly uncommon to find a bank that challenges the status quo, while remaining committed to excellence and financial goals. That is where EGBANK comes in.

Founded in the early 1980s, EGBANK is by definition a ‘millennial’, and like most millennials; it is young, modern, active, full of ambition and always adopts innovative approaches. EGBANK’s vision is to “become a leading sustainable bank that serves the evolving needs of today’s customer”.

In 2015, EGBANK has put into action a clear ambitious expansion plan to be achieved by 2020;

  • To be among the top 10 banks in Egypt with over EGP125bn in total assets
  • To become a top-of-mind bank specifically the younger generation of the nation
  • To grow its client base to reach 300,000 clients
  • To grow returns to reach over 20% ROE

These goals were to be achieved through investing in IT infrastructure, hiring high-caliber talents, establishing a wide network of branches and creating a new unique and competitive brand.

The bank’s expansion plan is reflected in the evolution of its numbers as well as its position among its peers from December 2014 to December 2016, with a four-fold increase in the number of clients over two years. The number of cards, branches, ATMs and employees has also shown a significant increase. Total assets have increased to EGP45bn as of December 2016 from EGP11bn in December 2014. Customer deposits have reached EGP41bn from EGP9bn. Net loans have increased from EGP4bn to EGP19bn. As of December 2016, EGBANK has outperformed the expected total assets in its initial budget reaching EGP45.16bn EGP of which 42% are net loans to customers, 19.4% treasury bills and 16.9% financial instruments (securities).

This ambitious expansion plan is also reflected in the bank’s market share:

  • Total assets market share as of December 2016 reached 1.14% compared to 0.94% in December 2015.
  • Total deposits market share as of December 2016 reached 1.48% compared to 1.08% in December 2015.
  • Net loans market share as of December 2016 reached 1.46% compared to 1.04% in December 2015.

In terms of brand awareness, a study conducted by Nielsen shows that EGBANK has succeeded in becoming one of the top choices for customers in Egypt in only one year, something considered an admirable feat.

Furthermore, EGBANK has gone above and beyond to become present where its main target customers, young people, can be found. EGBANK’s logo can be found at almost all major summer retreats and getaways in the country, to further solidify its ‘young at heart’ philosophy and image.

This philosophy also goes beyond branding and has made its way to the bank’s different branches. When looking at those branches, it can be said EGBANK has done all the right things: The branches adopt a paperless approach as all pamphlets and papers have been replaced by digital screens, most of the materials used in the branches are recycled and the branches are soundproofed to reduce noise. Other eco-friendly practices are implemented to insure energy saving, allowing the bank to cut their total energy consumption by half.

A bank that prides itself on being a bank for young people must help them develop and grow. EGBANK collaborated with Egyptian TV station CBC to form ‘Hona Al Shabab’ which translated to ‘Here are the Youth’; a competition for Egyptian entrepreneurs to showcase their ideas and projects for exposure and monetary prizes.

Additionally, EGBANK sponsored Cairo University’s Faculty of Economics and Political Science Business Incubator, to provide integrated services to students who have new innovative ideas/projects. This incubator is the first of its kind in Cairo University with plans to expand it to all university faculties.

As part of its role in community development, EGBANK participated in sponsoring the Tour n’ Cure campaign which was organised by Prime Pharma, a pharmaceutical company. This initiative provided hepatitis C patients, from all over the world, with an effective and affordable treatment package. Barcelona football player Lionel Messi was the official face of Tour n’ Cure who has visited Egypt to promote the medial tourism initiative.

It is quite apparent that EGBANK has devised a recipe for success. Its robust expansion plan, coupled with its modern and unconventional philosophy, has earned it considerable recognition:

  • In 2015, EGBANK has received an award from Amwal ElGhad Economic Foundation, as one of the top 100 organisations in Egypt for performance and growth in 2015. EGBANK ranking came at number 27 among the 100 companies in Egypt.
  • Chosen as one of the top 100 organisations in Egypt – 2015 from Amwal ElGhad Economic Foundation.
  • Received ‘Fastest growing bank in Egypt’ award in 2016 by the Arab Bank Awards and Commendations of Excellence.
  • Received a certificate of excellence from the Arab Organization for Social Responsibility.
  • Recognised by Business News Index as the fastest growing bank in Egypt.
  • Awarded ‘Fastest Growing Bank in Egypt in 2016 from the Global Banking & Finance Review.
  • Ranked at number 17 among the biggest Egyptian banks included in the top 100 banks in Africa by the Union of Arab Banks which makes EGBANK the first bank to achieve this remarkable success in such a short time.
  • Awarded ‘Fastest Growing Retail Bank 2017’ by Global Banking & Finance Review.

The bank is therefore looking to its futures successes as it reaches and exceeds its goals, revitalising an ancient institution along the way.

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