Bank NXT targets $90B in deposits over next 3 years
Updated 10/1/2024 3:15:00 AM
Arab Finance: Bank NXT, formerly the Arab Investment Bank (aiBANK), is seeking to double its deposits to $90 billion within the next three years, Managing Director Tamer Seif told Asharq Business.
The bank's current deposits stand at $45 billion, he added, highlighting a plan to grow the bank’s budget by the end of 2027 and increase total assets to reach EGP 100 billion from around EGP 50 billion in 2022.
The plan also includes raising the bank's capital from EGP 7.5 billion now to EGP 10 billion by end-2027 through retaining a portion of annual profits.
Bank NXT is set to expand its customer base from 30,000 to 100,000 clients over the next three years, Seif noted.
This growth will be accompanied by a geographical expansion to 50 branches.
aiBANK announced its rebranding as Bank NXT, signaling a new phase in its commitment to delivering accessible financial solutions and banking services.
In 2021, EFG Holding acquired a 51% stake in Bank NXT.
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