The National Bank of Egypt, the country\u2019s biggest state-run lender, plans to set up a subsidiary in South Sudan and open new branch in Saudi Arabia, a senior official said on Sunday.<\/p>\n
The bank is in ongoing talks with the Saudi and South Sudanese central banks to receive permission to open the anticipated subsidiary and branch, Yehia Aboul Fotouh, deputy chairman of NBE, told Egypt\u2019s MENA state news agency on Sunday.<\/p>\n
Aboul Fotouh said the bank had already won the Central Bank of Egypt\u2019s approvals to set up the subsidiary in South Sudan and to open the Saudi branch.<\/p>\n
\u201cNBE\u2019s the subsidiary in South Sudan will be at cost of up to $30 million,\u201d the banking official said.<\/p>\n
The bank currently has presence in Ethiopia, Sudan, and South Africa, Aboul Fotouh added.<\/p>\n","protected":false},"excerpt":{"rendered":"
The National Bank of Egypt, the country\u2019s biggest state-run lender, plans to set up a subsidiary in South Sudan and open new branch in Saudi Arabia, a senior official said on Sunday.<\/p>\n","protected":false},"author":4,"featured_media":320227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[81],"class_list":["post-321584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-national-bank-of-egypt"],"yoast_head":"\n