National Bank of Egypt Opens First Egyptian Bank in Saudi Arabia

The National Bank of Egypt has opened a branch in Riyadh, after receiving no objections from the Saudi Central Bank to conduct banking activities in Saudi Arabia, making it the first Egyptian bank to operate in the Kingdom.

The opening aligns with the bank’s strategy to expand its international presence. Saudi authorities, represented by the Saudi Central Bank and the relevant government entities, provided facilitation throughout the set-up process, culminating in the licences required for the opening in the capital Riyadh.

The Riyadh branch will deploy the latest banking technologies and will select and train staff from the Saudi labour market. The branch will maintain the bank’s institutional identity in its interior design and fit-out.

The bank’s presence is intended to serve companies operating in Saudi Arabia and to offer a range of corporate banking services, including various forms of trade finance.