(MENAFN - Daily News Egypt) The National Bank of Egypt (NBE) is studying increasing the number of the NBE (Sudan) branchesin the next period. The plan aims to expand the bank's works in the Sudanese market, according to Karam Soliman, Financial Resources and External Branches Manager at NBE.
Soliman explained that the NBE (Sudan) currently works only through its headquarters and a major branch in the Sudanese capital, Khartoum.
The NBE (Sudan) was established on 22 March 2012, with a capital of SDG 257m (Sudanese pounds), totally owned by NBE.
According to Soliman, the volume of deposits in NBE (Sudan) amounted to around SDG 502m until the end of last June, compared to SDG 279m on 30 June, 2014. The volume of the financing portfolio amounted to around SDG 219m, compared to SDG 88m in June, 2014.
Soliman added that the financing portfolio of the bank is wholly directed towards companies, and no financing is available for individuals to date. The investments in the governmental Sudanese securities registered around SDG 61m to the end of last June, compared to around SDG 55.2m in June 2014. The bank's deposits that are being invested in the banks operating in the Sudanese market amounted to around SDG 170m in June 2015, compared to SDG 61m in June 2014.
The NBE (Sudan) operates according to the Islamic banking system, which is the system applied in the Sudanese market.
The bank is mainly working on supporting economic relations and commercial activity between Egypt and Sudan. It further aims to serve Sudan's internal trade, according Soliman.
He expects the bank's activity to significantly increase in the next period, due to potential increases in the volume of the commercial activities between Egypt and Sudan, especially after the land crossing points between the two countries, Qastal-Ashkeet, was opened