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Egypt is a strategic pillar for Intesa Sanpaolo in the Southern Mediterranean, bridging Europe, Africa and the Middle East, according to a top executive of Italy’s largest bank by total assets.
Speaking to Zawya Projects during a recent visit to Cairo, Paola Papanicolaou, Chief of the International Banks Division (IBD) said Egypt stands at a pivotal juncture, with an economy showing growing resilience after a demanding adjustment phase, with clearer policy direction, renewed investor confidence and strong strategic assets, including demographics, geography and infrastructure.
“Over the medium-term, the outlook is constructive, provided reform momentum is sustained,” she said.
Papanicolaou identified several sectors in Egypt, including infrastructure and logistics, energy - particularly renewables, agribusiness, manufacturing linked to export value chains, and selected areas of tourism and real estate as offering the most promising growth opportunities for banks and international investors.
SME development is equally important, she emphasised. “It represents a powerful growth engine for employment, financial inclusion and sustainable banking returns.”
Disciplined growth
Papanicolaou said the IBD focuses on markets where Intesa Sanpaolo can combine scale, long-term commitment and local relevance.
The Group’s priorities include strengthening leadership positions where it operates, supporting cross-border clients, financing the real economy, and acting as a trusted partner for corporates, institutions and households.
“Disciplined growth - particularly, organic growth built on Group best practices - remains the guiding principle,” she added.
On the Group’s approach in the MENA region, Papanicolaou noted that the Intesa Sanpaolo Group is selectively deepening engagement rather than pursuing expansion. “We closely monitor countries with solid fundamentals, reform momentum and clear alignment with our risk and governance framework, while leveraging Egypt as a strategic hub within the wider Mediterranean ecosystem,” she said.
Long-term ambitions
Looking ahead, Papanicolaou highlighted the Group’s ambitions for the next 5-10 years in Egypt, and across the wider region. “Over the next decade, we aim to be a reference point for responsible international banking,” she said. “A Bank that supports growth, trade and investment, contributes to financial inclusion and digital progress, and acts as a bridge between local economies and global capital - with a clear sense of purpose and long-term vision.”
Leveraging her deep digital banking experience from her time with IsyBank, she stressed the importance of digital transformation and innovation in shaping Intesa Sanpaolo’s international approach.
“Digital transformation is a strategic lever,” Papanicolaou said. “The experience with Isybank, our cloud-based digital bank in Italy, confirmed that technology, when embedded in a strong banking model, accelerates efficiency, inclusion and customer trust. Internationally - and especially in emerging markets - our approach is pragmatic: digital is a means to scale responsibly, improve service quality and reach underserved segments, not an end in itself.”
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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