Al Baraka Bank Egypt confirms its intent to launch digital bank

The bank said it's already signed with a house of expertise to prepare the study for establishing a digital bank,

  
A man walks past a branch of Al Baraka Bank in Algiers city, Algeria April 5, 2017.

A man walks past a branch of Al Baraka Bank in Algiers city, Algeria April 5, 2017.

REUTERS/Ramzi Boudina
ArabFinance: Al Baraka Bank(SAUD)clarified, in a statement sent to the Egyptian Stock Exchange (EGX), what was published in a newspaper titling "Al Baraka Bank to launch a digital bank, signs with expertise house for required study".

The bank said it's already signed with a house of expertise to prepare the study for establishing a digital bank, adding, it decided to increase the capital to EGP 5 billion through 3 years abiding by the Central Bank of Egypt's (CBE) new act.

The bank injected EGP 1.7 billion joint funding to the national projects aiming to reach EGP 5 billion in 2023, as well as it will provide in principles 100 Automated Teller Machines (ATM), targeting to reach 200 ATMs during the upcoming period.

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