The vice presidents of the National Bank of Egypt (NBE) Mahmoud Muntasser and Yahya Abul Fotouh inaugurated the first two branches of Al-Ahli Exchange Company, established by the bank with a capital of EGP 200m and a paid up capital of EGP 50m.
NBE’s leaders opened the company’s branches in Nasr City, the first branch at Mustafa Al Nahhas Street and the second at Makram Ebeid Street, in the presence of Mohammed Abdul Rahim, chairperson of the board of directors , also serves as NBE’s deputy CEO for risk management , The ceremony was also attended by the company’s managing director, Nabil Fouad Ezz El-din.
According to Montasser, the idea of establishing a money exchange company was generated by the NBE in light of the conditions that were passing through the foreign exchange market before the issuance of decisions to liberalise exchange rates and the existence of an unhealthy environment. This led to dealing in foreign currencies outside the legal channels, which directly affected the economy and the impact on the lives of the citizens.
He added that the desire to regularise the market and adjust its rhythm and rebalancing the bank took time in order to establish Al-Ahli Exchange Company and to obtain the necessary approvals from the Central Bank of Egypt (CBE) and the Financial Supervisory Authority (FSA).
He stressed the company’s keenness to start its activity with great competitive capabilities and to be managed in a professional manner within the framework of the commitment to corporate governance. All this is for the bank to become an effective addition that plays its part in meeting the needs of the market and participates in advancing development and supporting the national economy, he added.
Montasser explained that the company will buy and sell foreign and Arab currencies according to the prices that are placed within the limits and controls stipulated in the agreement between the company and the NBE.
According to Abul Fotouh, the establishment of Al-Ahli Company for Al-Ahsa confirms the interest of the NBE in expanding its non-bank financial activities, in addition to the group of companies that the bank has established in various fields.
NBE has NCB Capital, the investment arm of the bank, Ahli Real Estate Finance Company and Al Ahli Leasing Company (ALC), as well as establishing and contributing to other companies such as Al Ahli Medical Services and Al Ahli Land Reclamation and Land Reclamation.
Abu Al Fotouh added that the company was established with a capital of EGP 200m and paid EGP 50m.
He pointed out that the company’s two branches, which were opened in Nasr City, are the first of a wide network of branches, which will be distributed geographically according to a strategy in place to cover the governorates of Cairo, Alexandria, To reach 15 branches during the next six months, and that number will be doubled to reach 30 branches by the end of the first quarter of 2019.
According to Abdul Rahim, the company’s branches have been prepared, furnished and furnished in accordance with the best practices in order to provide a suitable working environment for both customers and employees. It is also equipped with state of the art surveillance and alarm devices, insurance and protection systems, cash counting machines and currency detectors.
He added that the organizational structure of the company has been finalized, the documentary course, its work systems and its internal control have been prepared, and the computer programs have been prepared and tested. He pointed out that the company’s employees were selected to include the best qualified individuals with outstanding personal skills and abilities. Intensive training in the exchange business and communication skills with customers, allowing the service to be provided quickly and with the required quality.
For his part, Ezzeddin said that the company’s branches will provide foreign exchange service for sale and purchase throughout the day and throughout the week, including Fridays and Saturdays, and the working hours will extend to those branches until 10 pm, in order to provide the service in non-normal times for the work of banks.
Ezzeddin pointed out that the appropriate number of qualified workers has been appointed to ensure the performance of the service at a distinguished level. He stressed that the good preparation that preceded the start of the company’s activity is sufficient to obtain the confidence of the customers and enable them to acquire a good market share.