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Sunday, 3 July 2016

Credit Agricole has no plans to exit Egypt

The Egyptian market is a priority for Credit Agricole, and the bank has no plans to exit Egypt, Chairman François-Edouard Drion told Al Mal. Drion says the Egyptian unit has not had to resort to support from its parent organisation, despite all the operational challenges. He added that Credit Agricole Egypt continues to invest in Egypt to improve its infrastructure and electronic channels. The bank is developing its mobile banking platform and will issue a mobile application within the next two weeks, Drion added. Additionally, Crédit Agricole Egypt is targeting 20% growth in its SME financing activity within the next four years, Drion told Al Borsa, and is currently hiring 400 new employees to meet demand on SME financing, he added.

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