Credit Agricole Egypt to join CBE’s mortgage initiative

Credit Agricole’s market share reaches 1.22% in Egypt

  
Central Bank of Egypt Headquarters is seen in Cairo .

Central Bank of Egypt Headquarters is seen in Cairo .

REUTERS/Tarek Mostafa

Cairo – Credit Agricole Egypt aims to take part in the Central Bank of Egypt’s (CBE) new mortgage initiative during 2020, the bank’s managing director Pierre Finas said.

The bank also plans to expand into corporate and retail funding during the coming twelve months, Finas added during a press conference on Wednesday.

The managing director revealed that Credit Agricole’s market share reaches 1.22% in Egypt and 50% in France.

He affirmed that the bank is capable of raising its capital to EGP 5 billion during the coming few years to comply with the CBE’s new regulations.

Earlier in December, the CBE’s governor Tarek Amer announced that the government approved the launch of a new initiative to support the finance of middle-income housing with EGP 50 billion.

Source: Mubasher

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