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2024/03/26
Crédit Agricole in Egypte
Formed in 2006 via successive mergers - Indosuez, CCF, Crédit Lyonnais and Egyptian American Bank – today, Crédit Agricole Egypt is the only French bank operating in Egypt.
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Credit Agricole Egypt (CAE)
Created in 2006 via successive mergers: Indosuez, CCF, Crédit Lyonnais, and Egyptian American Bank.
In August 2015, CA Egypt joined the EGX 30 – the Cairo Stock Exchange index: the only French bank operating in Egypt, it is also part of the EGX / ESG S&P sustainability index.
Historically dedicated to the Corporate market, CA Egypt became a universal bank, with 50% of its net banking income generated on retail market.
Development of strong synergies to serve Crédit Agricole Group customers, notably with CACIB.
A solid bank with strong financial fundamentals that enabled the bank to face two crises (in 2011 and 2013) and a devaluation of about 50% of the local currency in 2016, maintaining a high level of profitability (RONE > 40%).
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Key figures
Egypt: 109.3 million inhabitants
416 000 customers
83 branches
2 518 employees
Total assets: 2.3 bn€Highlights - Prizes and Awards
- Acquisition by Crédit Agricole S.A. of a 4.8% stake in Crédit Agricole Egypt, taking the Group’s stake to 65.25%.
- Number 18 in the Forbes Middle East ranking of the “50 most powerful companies in Egypt in 2022”.
- “Best Performing Egyptian Bank 2022” – International Business Magazine and “Most Innovative Retail Banking App Egypt 2022” – Global Banking and Finance Review.
- Egypt’s best banking app – Global Banking and Finance.
- Facial recognition on the Bankimobile app.
- Launch of a personalised bank account for people with disabilities.
- Opening of three new branches based on the Banki Store concept (branches located in the heart of urban areas with innovative services and dedicated solutions).
Ratings
Fitch : BB- stable
(Ratings as of Q1 2021)Source: BPI/FIN - Data at 12/31/2020
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Strategic approach
MTP 2022 Strategic ambition : be the European bank of reference in Egypt
- Develop business activities through a systematic approach to digitalization and promoting customer-centric innovation;
- Accelerate on customer acquisition;
- Reinforce the bank differentiated positioning on the corporate market and be the leading partner of MNCs and local GEs through the strengthening of expertise and customer satisfaction (e.g. structured finance);
- Develop new activities in synergy with the Group (Leasing - CAL&F, Wealth Management - Indosuez and Insurance - CAA) to take advantage of market growth dynamics.
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Key economic indicators
France Egype Currency
EUR
EGP
Population (in millions)
67,1
100,9
Population growth rate
0,3
3,1
Nominal GDP (in USD billions)
2 599
362
Real GDP growth, annual
-8,2
3,6
Nominal GDP growth
-6,2
19,7
GDP per inhabitant, current USD
39 907
3 587
Inflation rate
0,5
5,7
Unemployment
8,0
8,3
Household savings rate
21,3
n.d.
Budget deficit/GDP
-9,2
-7,9
source : Insee FMI, ECO (Data at end 2020)