Emirati bank ADCB to play critical role in Egypt, provide new financial products: CEO

Abu Dhabi Commercial Bank PJSC (ADCB) will open in the Egyptian market on Sunday, becoming the fifth Gulf institution to join the Egyptian banking system. ADCB has total assets worth EGP 1.75 trillion and is ranked third largest operating bank in the UAE. “ADCB is expected to play a critical role in the Egyptian market, as we intend to extend unprecedented and innovative banking services to clients … built on an ambitious plan that targets expanding through establishing new branches to reach the targeted clients,” ADCB Managing Director and CEO Ihab ElSewerky told Ahram Online. He said that the bank’s vision is to become customers’ preferred bank by providing upgrades and safe banking solutions and adopting a digital transformation breakthrough with a focus on achieving client satisfaction and sustainability. ADCB’s strategy in Egypt focuses on five key pillars: attaining growth through tapping into available opportunities in the domestic market; achieving sustainability through a deposits base; achieving a high degree of efficiency and quality regarding the services and the financial products the bank provides; dealing with likely risks according to a clear strategy, and attracting; and keeping and improving the bank’s employees in order to attain high performance levels. The bank has also adopted a number of strategic goals aimed at achieving rapid growth in the Egyptian market through introducing the same products that other banks provide, while extending new innovative products such as new payment solutions, wealth management programmes and concierge services, in addition to establishing partnerships with programme providers to provide accounting services for SMEs, according to ElSewerky. ADCB reported a net profit of AED1.436 billion (approx. $400 million) from January to June of 2020.