Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, signed a cooperation protocol with the Urban Development Fund (UDF), an Egyptian economic public authority that focuses on projects in Egypt\u2019s capital cities and governorates, aiming to protect areas with unique characteristics. The protocol aims to provide mortgage financing to individuals from different income brackets who wish to purchase units owned by the Urban Development Fund in various governorates.
The protocol was signed by Tamer Seif, CEO and MD of Bank NXT representing Bank NXT, and Engineer Khaled Seddik, Chairman of the Urban Development Fund, in the presence of senior leaders from both entities.
This collaboration coincides with Bank NXT\u2019s endeavors to align with the Central Bank of Egypt\u2019s real estate financing initiatives for mid-income individuals and individuals from different income brackets while offering free-market financing options to meet diverse customer needs. The protocol aims to provide long-term financing solutions with flexible terms and competitive interest rates, supporting the Fund\u2019s initiatives to offer accessible housing solutions. The initiative will provide customers with loans up to EGP 15 million.
Tamer Seif, CEO and Managing Director of Bank NXT, expressed his enthusiasm for the protocol, stating, \u201cAt Bank NXT, we are committed to driving sustainable development through innovative financial solutions. This cooperation with UDF reflects our unwavering dedication to advancing financial inclusion initiatives that help make homeownership more accessible to a broader population segment. By offering financing solutions that empower customers of different income segments to own housing units, we aspire to help improve their quality of life while contributing to the growth of Egypt\u2019s real estate sector and overall economy.\u201d
Engineer Khaled Seddik, Chairman of the Urban Development Fund, expressed his happiness at signing this protocol, which will support the real estate sector and achieve sustainable economic growth. He stressed the Fund’s keenness to provide more real estate units in various Republic governorates to achieve comprehensive and sustainable development. Seddik affirmed that the fund offers fully finished housing units through urban development projects in governorate capitals and major cities, making suitable housing available at affordable prices in prime locations within major cities.
Bank NXT\u2019s real estate financing portfolio reached EGP 1.5 billion during 3Q2024, serving 8,732 customers and achieving a 72% growth year over year. 80.86% of the portfolio targeted low-income customers, while 19.14% targeted middle-income customers.
\u201cBank NXT is not just an entity that focuses on empowering clients\u2019 financial futures but also has a vision regarding urban development. This initiative, along with many others, is aligned with the New Urban Agenda and the Sustainable Development Goals (SDGs) principles, reflecting the bank\u2019s commitment to fostering sustainable urban development. This partnership will accelerate the development of urban projects and ensure more Egyptians can benefit from sustainable, modern housing solutions in critical areas across the country.\u201d Added Seif.
Bank NXT aims to increase its role in supporting Egypt\u2019s real estate development, focusing on providing customers with fast, seamless, and advanced banking services tailored to their needs.
-ENDS-
About Bank NXT
Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million, which was later increased to EGP 1,987 million in 2020. Moreover, as per the decisions of the general assembly held on the 10th of October in 2021, and after the completion of the Bank\u2019s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:
\u2022 EFG Holding S.A.E \u2013 (51%)
\u2022 Egypt\u2019s Financial Services and Digital Transformation Sub-Fund \u2013 (25%)
\u2022 National Investment Bank \u2013 (24%)
The Bank offers banking services for individuals through its wide spectrum of retail banking products in addition to its corporate banking services for businesses and institutions through providing loan syndication services to companies and institutions looking to finance large national projects that support the economy and the Bank. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development and provides investment and treasury services. The Bank also offers Islamic banking services, overseen by a solid Sharia-compliant body that ensures the Bank remains in line with all Islamic banking standards.
The Bank offers its services to its customers through its 34 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches, with 2 new branches set to open this month. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.
For further information, please contact:
Reham Abbas
Head of Public Relations and Corporate Communications of Bank NXT
rabbas@banknxteg.com
About EFG Holding
EFG Holding (EGX: HRHO.CA \u2013 LSE: EFGD) is a trailblazing financial institution that boasts a remarkable 40-year legacy of success in eight countries spanning two continents. Operating within three distinct verticals \u2014 the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) \u2014 the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers an extensive array of financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a small and microfinance player, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, PayTabs Egypt, a digital payment platform, as well as Bedaya for mortgage finance and Kaf for insurance as well as Fatura, a technology-backed B2B marketplace. Furthermore, the company delivers commercial banking solutions through Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking products in Egypt.
Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Bahrain | Pakistan | Kenya | Nigeria |
Learn more about us at www.efghldg.com
For further information, please contact:
May El Gammal
Group Chief Marketing & Communications Officer of EFG Holding
melgammal@efghldg.com
Omar Salama
Senior Communications Manager of EFG Holding
osalama@efghldg.com
The EFG Holding Public Relations Team
PublicRelations@efghldg.com
Note on Forward-Looking Statements
In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management\u2019s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding\u2019s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management\u2019s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, signed a cooperation protocol with the Urban Development Fund (UDF), an Egyptian economic public authority that focuses on projects in Egypt\u2019s capital cities and governorates, aiming to protect areas with unique characteristics. The protocol aims to provide mortgage financing to …<\/p>\n","protected":false},"author":3,"featured_media":215329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[263,266],"tags":[],"class_list":["post-215328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arab-telegraph-news","category-business"],"yoast_head":"\n