Suez Canal Bank (SCB) is looking to achieve target rate of 25 percent of their financing portfolio by preparing a plan for SMEs
Suez Canal Bank (SCB) is looking to achieve target rate of 25 percent of their financing portfolio by preparing a plan for the CBE’s objectives regarding the small and medium-sized enterprises (SMEs) sector.
Hussein Refaey, Chairperson and Managing Director of the Suez Canal Bank (SCB), also revealed that the bank aims to focus on car financing activities as part of the recent presidential initiative, supported by the Central Bank of Egypt (CBE), to replace vehicles and convert them to a dual fuel vehicles.
The retail banking sector significantly improved in terms of the services it provides, states Refaey, noting it saw a growth rate of 71 percent, increasing to LE 1.2 billion in 2020, compared to LE 752 million in 2019.
The MD also said that his bank’s portfolio of SMEs finance increased to LE 2 billion in 2020, including direct and indirect financing. A total of EGP 1.3 billion of that amount was direct financing, reflecting a growth rate of 86 percent over the year 2019.
He added that the bank seeks to achieve the same growth rates for the retail banking and SMEs sectors in 2021.
Refaey noted that the bank intends to expand strongly in digital and technological services, by owning shares in a financial technology company. He added that focusing on digital services will be one of the SCB’s most important priorities in the coming period.
