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Egypt: NBK-Egypt Provides Finance of EGP 850 Million to Madkour for Projects Company

In line with its policy and directions towards supporting and financing national projects in Egypt, especially infrastructure projects, given their great importance in driving economic development, as well as its constant endeavors to support the State’s national project for developing Egyptian countryside villages, as part of “Decent Life” presidential initiative, National Bank of Kuwait - Egypt (NBK-Egypt) provided a finance of EGP 850 million to Madkour for Projects Company, one of the leading national companies in the field of energy and infrastructure projects, for the purpose of carrying out the works assigned to the company by the Ministry of Housing to replace and upgrade medium and low voltage electricity networks in some villages of Markaz Esna and Markaz Armant in Luxor Governorate.

The financing agreement was signed at NBK-Egypt’s head office on Monday, November 8, 2021, in the presence of Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO, where the agreement was signed by Mr. Amr El Alfy, Head of Business Group from NBK-Egypt’s side, and Dr. Mostafa Madkour, Chairman of the Board of Directors from the side of Madkour for Projects Company.

The signing ceremony was attended by Mr. Mohammed El Kerdany, Head of Islamic Finance, Mr. Helmy Youssef - Head of the Islamic Credit Unit in Cairo, Mr. Mohamed Mohie El-Din, Senior Credit Manager, Corporate Finance, Mr. Ahmed Allam - Credit Manager, Major Companies Finance, as well as a number of the bank’s senior and executive management members.

The signing was also attended from Madkour for Projects Company’s side by Eng. Tarek El-Sheikh – Managing Director, Mr. Emad El-Safty, Chief Financial Officer, Eng. Ahmed Ramadan, Head of Projects Division, and Mr. Tarek Shaaban, Head of Financing and Banking Relations.

On this occasion, Mr. Yasser El-Tayeb stated that NBK-Egypt’s financing of this mega project comes in line with its strategy to support the State’s plans in financing major national projects, especially electricity projects, given their great importance as the cornerstone of development in various areas of life, and the main driver of all economic activities.

This is instrumental to achieve inclusive development in all communities, as all countries of the world seek to secure their electricity needs, which prompted the Egyptian State to proceed strongly towards launching many mega electricity projects, especially after the June 30 Revolution in 2013 succeeded in putting an end to the frequent power outage, enabling Egypt to become a regional energy hub, which supports sustainable development goals in line with Egypt’s Vision 2030.

“On the other hand, NBK-Egypt’s initiative to finance this mega project stems from its direct positive impact on the daily life of citizens, especially people in the Egyptian countryside, and its contribution to improving their living conditions, in an effort to support the State’s national project for developing Egyptian countryside villages and improving the lives of citizens, as part of “Decent Life” presidential initiative,” El-Tayeb added.
On his part, Mr. Amr El Alfy mentioned that since several years, NBK - Egypt has been adopting a clear strategy to support and finance mega and infrastructure projects that help the State in its future plans to achieve progress and prosperity for all segments of the Egyptian people. Therefore, financing this vital project is a clear example for this strategy due to its great economic feasibility, as well as its key role in supporting the State’s development plans, driving production and securing more job opportunities for people.

Commenting on the deal, Mr. Mohammed El Kerdany said that arranging a loan of such a huge amount for this project reflects NBK – Egypt’s solid financial position and solvency enabling it to finance various mega projects, whether in individual or syndicated form, and also proves its confidence in the feasibility of this project and in the executing company, which is one of the leading contracting companies in this field in Egypt.

From his side, Dr. Mostafa Madkour expressed his pleasure with signing this agreement with a reputable bank like NBK - Egypt, which does not hesitate to provide the necessary financing for any vital projects that would serve the Egyptian economy and society. He also added that Madkour Group, as one of the leading national companies engaged in energy and infrastructure sector projects, with over 50 mega projects executed over the last five years, is proud of its contribution to the “Decent Life” project, which supports the Egyptian citizen and the economy, noting that NBK-Egypt’s contribution in these projects reflects its solid financial position and attention to different vital sectors of the Egyptian economy and society.

Meanwhile, Mr. Emad El-Safty affirmed that the company is committed to take part in supporting mega national projects with desired positive impact on  the Egyptian citizen, by providing people with a decent life marked by sustainable development for the neediest groups in the governorates of Egypt, highlighting that the success in arranging this finance demonstrates NBK-Egypt’s confidence in Madkour Company’s capabilities and leading position in implementing national projects.

On his part, Mr. Tarek Shaaban stressed that NBK-Egypt’s providing this financing to Madkour Company reflects its confidence in the company’s solvency, as well as technical and management capabilities, as it has become a key partner in the implementation of national projects. He also noted that and that this financing marks only the beginning of a more fruitful and effective cooperation and a positive partnership with the banking sector, since both the company and the bank are keen to contribute in development projects aiming to alleviate the burdens of citizens as part of the integrated efforts of development partners.
 

Egypt: NBK-Egypt Opens Its Newest Branch at City Stars Mall

In continuation of its successful path and to serve its expansion plans to increase customer base and number of branches, as well as the continuous development and modernization of its branch network, National Bank of Kuwait – Egypt (NBK-Egypt) announced the official opening of its newest branch “City Stars Mall Branch” on Sunday, October 3, after moving it to a new location at City Stars Mall in Nasr City.

The branch was inaugurated by Mrs. Salma Abu Hussein – Head of the Consumer Banking Sector, Mr. Ahmed Youssef - Head of Distribution Channels and Branches Network, as well as a number of Executive Managers from the Bank. The opening ceremony was honored by the presence of Mr. Mohamed Abu Al-Yazid - Managing Director of City Stars Mall, and Mr. Mohamed Saeed - Division Head at City Stars Mall.

The new branch boasts a strategic location at one of the largest shopping malls in Cairo, which is frequented by thousands of visitors daily, giving an excellent opportunity to attract many customers from different segments, primarily since the branch operates all week round from 11 AM to 7 PM, and on Fridays from 2 PM to 7 PM.

The new branch was designed and implemented according to the latest design trends and advanced technologies to provide customers with a highly convenient and quick service. The branch embraces a Business Center area to serve our Corporate Banking Customers, and also spaces for serving Privilege Banking Customers. It also features an ATM, ITM (Interactive Teller Machine) as well as a Digital Corner.

Egypt: NBK-Egypt Signs a New Partnership Agreement With Visa International

As part of its strategy and consistent efforts to develop the top-notch products and services provided to its customers in relation to electronic payment solutions, National Bank of Kuwait - Egypt (NBK-Egypt) signed a new 7-year partnership agreement with Visa International, on Wednesday 22 September at the bank’s headquarters.

In signing the agreement, NBK-Egypt was represented by Mrs. Salma Abou Hussein, Head of Consumer Banking, and Visa International by Mrs. Malak El-Baba, Visa’s Country Manager for Egypt. The event was  also attended by Mr. Amr El Alfy, Head of Business Group at NBK – Egypt, and a group of the bank’s top and executive management team.

On this occasion, Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO said: “This step underscores the bank’s consistent efforts to promote and develop its electronic services, and provide an array of top-notch digital products and solutions to its customers, in a way that encourages them to use Visa cards in their transactions, instead of traditional payment methods. This will serve the directions of the government and the Central Bank of Egypt for transforming into a society less dependent on cash and moving towards a digital economy, being one of the strategic goals of sustainable development, according to Egypt’s Vision 2030.

On his part, Mr. Amr El Alfy, Head of Business Group at NBK – Egypt said: “NBK-Egypt Signing this agreement with Visa is a new step in a series of top-notch and advanced electronic products and services the bank is offering to its customers. This stems from the belief in the key role of electronic payments solutions in the banking sector, and the understanding of their importance to enhance its competitive edge over other banks, and to establish “the one bank concept” for customers, especially, as we strive to acquire a greater share of the Egyptian market in the coming period.”

On her side, Mrs. Salma Abou Hussein, Head of Consumer Banking at NBK-Egypt expressed her pleasure with signing this new agreement with Visa, the world’s leader in digital payments, which will enable the bank to provide cutting-edge digital payment technology to keep pace with the various needs of customers, enhance added value for NBK Visa Credit Card holders, and benefit from international best practices to provide seamless, secure and convenient payment solutions through a variety of locally and globally accepted payment cards, as per the highest quality standards, and in line with the needs and expectations of different customer segments.

Abou Hussein added that this long-term cooperation between the bank and Visa is an instrumental part of the bank’s strategy that aims to develop digital products and advanced payment solutions, which the bank has been pursuing for some time now. Visa is a key partner with strong long-standing ties with the bank, which are growing more meaningful, year after year, in light of the bank’s ambitious plan to develop its banking services and products offered to customers, as part of our endeavors to integrate its offerings with the parent group in Kuwait.

On her part, Mrs. Malak El Baba, Visa’s Country Manager for Egypt said: “We are excited to expand our partnership with NBK, through which we will continue to provide more secure and innovative digital payment solutions to credit card holders in the Egyptian market, in addition to supporting the digital transformation agenda of the Central Bank of Egypt. As Egyptians are looking forward to quick and easy digital transactions, which is also needed by companies and the economy at large, Visa is working to provide these solutions in the local market. In addition, renewing this partnership is a testimony from NBK for Visa’s innovative products and services, and we are looking forward to work together to continue the expansion of the digital economy for more Visa cardholders in the Egyptian market.”
 

Egypt: NBK Egypt participates with 3 banks in a syndicated finance of 4 Billion EGP for the benefit of the Egyptian Electricity Transmission Company (EETC)

A joint alliance of the NBE, CIB, BDC and NBK - Egypt succeeded in securing a long-term syndicated finance of 4 Billion EGP for the Egyptian Electricity Transmission Company (EETC). The contract signing ceremony took place Monday, August 23rd, at the Ministry of Electricity’s headquarters.

The syndicated loan will be used to finance part of the investment cost of some of the company’s projects including the implementation of transformer stations and the expansion of some of the existing stations’ transformers, as well as the purchase of new transformers and cells needed for them, and the implementation of cables and lines for the transmission of high voltage electric power nationwide.

The contract was signed by Mr. Amr El Alfy - Head of Business Group, in the presence of Mr. Yasser El Tayeb - Vice Chairman, CEO and Managing Director of NBK Egypt, and Mr. Ahmed Al-Shall - Head of Large Corporate and Syndication, and Mrs. Sanaa Abdel Aziz - Executive Director, President of the Public Sector Group of Companies

On this occasion, Mr. Yasser Al Tayeb stated that our bank’s participation in the financing of this project comes within the framework of the bank’s strategy and its direction towards supporting and financing the national projects of the country, focusing on the electricity projects, due to the great importance these projects represent as they are the main pillar of development in various aspects of life and the main driver of all economic activities. In order to achieve inclusive development, as all countries of the world seek to secure their electricity needs, which prompted the Egyptian state to launch strongly towards the inauguration of many major electrical projects, thus enabled Egypt to become a regional energy center in support of the strategic objectives of Egypt's Vision 2030.

In his turn, Mr. Amr Al Alfy stated that the bank is continuing its strategy, which it pursued several years ago, towards supporting major national projects, infrastructure projects and sustainable development to support the country in its future plans in order to achieve progress and prosperity for all groups of citizens.

Mr. Ahmed Al-Shall said that the bank's participation as one of the effective arms in this syndicated finance was not the first precedent for the bank in financing major electrical projects, but was preceded by several experiences, as the bank financed many similar projects in various parts of the country.

On his part, the Head of EETC expressed his pride in concluding cooperation with the participating banks, noting that the electricity system in Egypt consists of three stages, the first stage is the production of electricity, where the electric power is generated through the generator stations belonging to a number of “six” production companies. For electricity, the second stage is the stage of power transmission through a single company, EETC, and the third stage is the electricity distribution stage, where electrical energy is distributed and sold to subscribers and purchased from electricity production companies and EETC through “9” distribution companies spread throughout the country, which in turn provides electric power to all industrial, agricultural, tourism, urban and service sectors in operating their facilities and generating added value.

He pointed to the prominent role of the banks in providing the funding required for the implementation of a number of electricity production stations in a way that enhances the success of the electrical sector and achieving a great leap in available capacities reaching to 45 thousand megawatts, with a maximum load of the network reaching about 33.8 thousand megawatts, and then achieving a surplus in electrical energy that exceeds 25% In the most peak days of consumption, as NBK Egypt and a group of banks had previously pumped many funds to many projects during the last seven years, and its importance in financing the electrical sector. Arranging and providing these funds, with the aim of implementing, establishing and increasing the capacity of 20 power plants in various governorates, as well as financing a number of mobile units to generate electricity, in addition to the direct funding granted by NBE alone for the implementation of Banha and Abu Qir power stations to strengthen the power transmission lines, including the execution of maintenance works for the stations and transformers of ECC.

Egypt: NBK- Egypt joins a banking alliance consisting of 10 banks in arranging a EGP 12.3 billion syndicated loan

In line with its leading role towards promoting economic growth, National Bank of Kuwait - Egypt joined ten banks in arranging an EGP 12.3 billion medium-term syndicated loan for Gharabli Integrated Engineering Company (GIECO), a leading EPC Contractor with successfully completed industrial and civil projects all around Egypt. The facility is directed towards financing a portion of the operation undertaken by the company to fulfill a mandate assigned by the Egyptian Navy Forces to implement the northern and southern expansions of Abu Qir Port and the development of the new Abu Qir Port, at a total value of EGP 19.06 billion.

Eleven banks participated in arranging the facility including: National Bank of Egypt, Banque Misr, Commercial International Bank of Egypt, National Bank of Kuwait - Egypt, Credit Agricole - Egypt, Banque du Caire, Export Development Bank, Bank of Alexandria, Suez Canal Bank, The United Bank of Egypt, and Arab investment Bank.

The signing ceremony took place on Wednesday, September 1, 2021, at the Conrad Cairo Hotel. The agreement was signed by Mr. Amr El-Alfy – Senior General Manager - Head of Business Group at NBK- Egypt. Among attendees were Mr. Ahmed Al-Shall - General Manager, Head of Large Corporate & Syndication at NBK-Egypt, Ms. Abeer Al-Sharif - Executive Director, Large Corporate & Syndication at NBK-Egypt, and Mr. Amir Ismail - Senior Manager, Large Corporate & Syndication at NBK-Egypt.

On this occasion, Mr. Yasser El-Tayeb, Vice-Chairman, CEO and Managing Director, NBK - Egypt said that the bank’s participation in financing such a mega project is in line with its strategy geared towards supporting the Egyptian government’s plans to finance major developmental projects.  He also highlighted that port development is considered one of the most prominent projects that contribute to boosting foreign trade, supports GDP and promotes economic recovery. In general, ports play a vital role in the country’s development, supporting its economy and national security.

The successful participation of a number of leading banks in arranging a credit facility of that size - the largest syndicated loan this year – including all preliminary arrangements and coordination between all participating parties is a testimony to the strength of the Egyptian banking sector and the synergy between its banking units. It also reflects the sectors eagerness and ability to finance and support all major national projects to support Egypt’s developmental plans, putting the country back on the road to economic prosperity, increasing employment opportunities, and playing a role towards achieving Egypt’s Vision 2030.

Meanwhile, Mr. Amr El-Alfi stated that NBK - Egypt has adopted a clear strategy for several years to support and finance megaprojects, infrastructure projects and sustainable development, which supports the country in realizing its future plans and achieve progress and prosperity for all segments of the Egyptian society. “Our bank’s participation in arranging this facility along with a number of our peers is a reflection of our strategy due to the great economic feasibility of this vital project, in addition to its vital contribution to the country's foreign trade and in establishing its leading position as a prominent player in the Mediterranean logistics platforms”. Mr. El-Alfi said.

Mr. Ahmed Al-Shall commented that NBK – Egypt played a key role in the arrangement of this credit facility, participating with EGP 1 billion in line with its leading role as a major player in the financing filed. This reflects the bank’s strength, its extensive ability and financial solvency that enables it to finance various projects, individually or jointly with the cooperation of other associated banks, in addition to affirming the bank's confidence in the relevance of this project and the key role played by the company in charge of its execution as one of the country’s most prominent contracting companies.

NBK-Egypt has a wide network of 52 branches spread over premium locations in various Egyptian governorates and cities including: Cairo, Giza, Alexandria, Delta, Sinai, Red Sea and Upper Egypt, in addition to the industrial zones in 6th of October and 10th of Ramadan cities. The bank is also privileged to be among the elite banks within the Egyptian market that hold an Islamic banking license in addition to its conventional licensing. It has two Islamic branches. Moreover, NBK-Egypt has a wide network of ATMs spread across the country to service the bank’s clients around the clock. 

Egypt: NBK- Egypt inks a deal with Elswedey Electric Foundation to support vocational training

Under the umbrella of its Corporate Social Responsibility (CSR) activities, the National Bank of Kuwait- Egypt (NBK-Egypt) signed a Memorandum of Understanding (MoU) with Elswedey Electric Foundation. Under the agreement, the bank offers scholarships to students of Swedey Technical Academy (STA), which grants students 3-year high school diploma accredited from the Ministry of Education and Technical Education and from Omnia Education Partnerships, a Finnish Institute specialized in technical and vocational education and training (TVET).

The MOU was signed by Mr. Yasser El-Tayeb, Vice Chairman, CEO & Managing Director on behalf of NBK-Egypt, while Engineer / Ahmed Swedey on behalf Elswedey Electric Foundation. In the presence of Mr. Amr El-Alfy - Head of Business Group at NBK-Egypt  Mrs. Rania Afifi - Head of Strategy, Planning & Transformation/ CSR/ Investments and Mrs. / Noran Ali, Secretary of NBK-Egypt’s CSR Committee, in addition to a number of Executive members from NBK-Egypt. In the presence of Mr. Sherif El-Zeiny – Group CFO at El-Sewedy Electric Company, Mrs. Hanan El-Rihany - Secretary General and CEO of Sewedy Technical Academy (STA), and Mr. Walaa Antar - Treasurer of Elsewedy Electric Foundation. 

On this occasion, Mr. Yasser El-Tayeb stated that NBK-Egypt commitment to this cooperation sets from NBK-Egypt’s CSR role and its keenness to carry out its role in serving the development of its community through directing its contributions to trust-worthy organization, which includes Elswedey Electric Foundation.

Mr. Yasser El-Tayeb also highlighted that NBK-Egypt is committed to supporting educational initiatives that links education with employability by investing in upgrading the skill set of Egyptian Youth. These efforts comes in line with the Government of Egypt (GoE)’s efforts to achieve Egypt’s Vision 2030 in the field of education, which is in line with the fourth goal of the United Nations Sustainable Development Goals (SDGs) with regard to education, which includes the development of technical education and vocational training among its main mechanism.

Eng. Ahmed El Sewedy stated that El Sewedy Electric Foundation is committed to develop technical education and vocational training in Egypt through its educational arm, Sewedy Technical Academy (STA). The academy offers training that aims to refine the skills of Egyptian technicians to equip them for the labor market. This is done through an established alliance with the Ministry of Education and Technical Education and a number of international and local bodies and companies and by offering latest and specialized curricula in the field of technical education. This aims to assistance the Government of Egypt (GoE) in achieving the goals of Egypt 2030 Vision, through the development of technical education which plays a pivotal role in developing the Egyptian economy.

Egypt: NBK-Egypt Wins the BT100 Award for 2020

National Bank of Kuwait - Egypt (NBK- Egypt) received the BT100 Award as  "Best bank providing digital Ecosystem” for 2020, during the ceremony hosted, for the fourth year in a row, by Business Today Magazine, one of the powerful media arms of Egyptian Media Group (EMG) in cooperation with POD Egypt, the leading public relations and media company as well as Youm7 media institution, to honor the 100 key influential entities and individuals in Egypt for 2020 under the patronage of HE Dr. Mostafa Madbouly – the Prime Minister.

The event was held on Tuesday, 30 March 2021, at the Nile Ritz-Carlton Hotel in the presence of a large number of ministers, senior officials, businessmen and executives of banks and companies operating in the Egyptian market, as well as a group of public figures and community celebrities.

The ceremony, themed “The Year of Inspiration” this year, was attended from NBK-Egypt’s side by Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO, Mr. Amr El Alfy, Head of Business Group at NBK – Egypt, Mrs. Salma Abou Hussein, Head of Consumer Banking at NBK-Egypt, and a number of the bank’s top management team.

The award winners are selected according to market studies based on the criteria for evaluating the performance of companies operating in the various sectors of the market, through a panel of economic experts and researchers.

The award presented to the bank was received by Mr. Amr El Alfy on behalf of Mr. Yasser El-Tayeb.

On this occasion, Mr. Yasser El-Tayeb said that honoring the bank in this ceremony and presenting it the award of "Best bank providing digital Ecosystem” for 2020 come in recognition of its instrumental role as one of the key players in the Egyptian economy, and in appreciation of its support for the digital transformation system, whether inside or outside the bank during 2020, in light of the COVID-19 crisis, which negatively impacted all economic sectors, not only in Egypt but worldwide. However, this crisis and the resulting repercussions gave the best testament to the readiness of the Egyptian economy and its economic institutions and their ability to overcome all challenges and aptly weather crises. This was clearly seen in NBK-Egypt’s financial indicators and business results for 2020, which showed its resilience to all the challenges caused by the COVID-19 crisis, by continuing to achieve good performance ratios, and remaining one of the top banks continuing effective steps towards transition to a digital economy, which has become a more pressing need after the COVID-19 pandemic.

Over the recent past years, the bank adopted a clear strategy promoting digital transformation projects, whether inside or outside the bank, in line with the directions of the government and the Central Bank of Egypt for transformation into a society less dependent on cash and evolving into a digital economy, being one of the goals of the sustainable development strategy embedded in Egypt Vision 2030, the path on which the bank has taken remarkable steps over the recent past years,” added El-Tayeb.

On his part, Mr. Amr El Alfy said: “NBK - Egypt was one of the first banks operating in Egypt to embrace digital transformation projects, stemming from the belief in the key role of technological solutions and alternative channels in the banking sector, and realizing their importance to enhance the competitive advantage over other banks, and to establish “the one bank concept” for customers, especially, as we strive to acquire a larger share of the Egyptian market, both in corporate and retail sectors, in the coming period.”

El Alfy added that the bank’s corporate customers had an important share of the bank’s digital services, as the bank launched "NBK Online Corporate Banking", which enables them to easily and securely manage the business activities and banking transactions of their companies online, without the need to visit the branches, by following simple steps to view the company's accounts and balances and manage them in an easy and secure manner.
From her side, Mrs. Salma Abou Hussein expressed her pleasure with the bank’s winning of the award, which shows the appreciation of the awarding entity for the effective role played by NBK- Egypt in the areas of digital transformation and digital banking, which the bank has been keen to adopt since a while by launching “NBK -Egypt Online Banking” enabling customers to make a variety of banking transactions in a simple and secure way, without the need to visit the branch for every transaction. The bank also launched “NBK Mobile Banking App” allowing customers to avail various banking services that became at their fingertips, anytime, anywhere.

The bank also launched its e-Wallet, offering customers a unique banking experience in terms of convenience and security.”
Abou Hussein pointed out that the bank also recently launched “Meeza” Prepaid Card, which is a new addition to NBK-Egypt’s array of cards, making the bank a main operator in the Egyptian market offering the smart payment card bearing the logo of Electronic Payment Network "Meeza", which is used by companies to pay employees’ salaries.

As a culmination of the bank's digital banking services, we have recently launched the digital transformation system for Heliopolis Sporting Club using HSC smart card, enabling the club members, at both Heliopolis and El Shorouk City branches, to enjoy various features and services inside and outside the club, as the membership card was revamped to double as an e-payment card, offering a locally unique experience based on cutting-edge technology that combine more than one use in one card, she added.

It is worth mentioning that NBK-Egypt has a network of 53 branches with strategic locations across the different governorates and cities of Egypt including Cairo, Giza, Alexandria, Delta, Sinai, Red Sea, Upper Egypt, and the industrial areas in the 6th of October and the 10th of Ramadan Cities. The bank is also privileged to be among the banks providing Islamic banking products, in addition to conventional products, through its dedicated Islamic banking branches. The bank also has a large network of ATMs across key locations of the country to service the bank’s customers around the clock.

Egypt: NBK-Egypt Launches Smart Membership Card for Heliopolis Sporting Club

As part of the strategic partnership and close cooperation between National Bank of Kuwait - Egypt (NBK-Egypt) and Heliopolis Sporting Club (HSC), and to give effect to the cooperation protocol and the framework agreement signed between them for supporting and optimizing "Heliopolis Smart Digital Club", the bank launched a smart membership card for HSC members of both branches in Heliopolis and El Shorouk City.

The new card will enable members to benefit from many features and services inside and outside the club, as the HSC Membership Card has become a smart payment card, offering a unique experience locally, using cutting-edge technology to integrate more than one application in one card.

The launch of this card was announced in a ceremony held at HSC in Heliopolis Area on Thursday, 11th of March, which was attended by Mr. Amr El-Sonbaty - Chairman of the Board of Directors at HSC, and a group of board members and executives. From NBK – Egypt’ side, the ceremony was attended by Mr. Amr El Alfy, Head of Business Group at NBK – Egypt, and Mrs. Salma Abou Hussein, Head of Consumer Banking at NBK-Egypt, and a large number of the bank’s top and executive management team.

On this occasion, Mr. Yasser El-Tayeb, NBK - Egypt Vice Chairman, Managing Director & CEO said: “This cooperation between NBK - Egypt and HSC serves the bank’s strategy to support digital transformation projects, inside or outside the bank, which comes in line with the directions of the government and the Central Bank of Egypt for transforming into a society less dependent on cash and moving towards a digital economy, being one of the strategic objectives of sustainable development, in accordance with Egypt's Vision 2030, the path on which the bank has taken remarkable steps over the recent past years.”

On his part, Mr. Amr El Alfy, Head of Business Group at NBK – Egypt said: “The bank’s launch of this smart card for HSC members represents a new step in a series of cutting- edge digital products and services provided by the bank to its customers from all segments.

This stems from the belief in the key role of digital solutions and alternative channels in the banking sector, and the understanding of their importance to enhance the competitive edge over other banks, and to establish “the one bank concept” for customers, especially, as we strive to acquire a larger share of the Egyptian market in the coming period.”

El Alfy added that in addition to its financial support for this project, the bank participated in supervising its implementation using its expertise in the areas of electronic payment and smart cards, and being the bank of payments for the smart system of those cards, including the various banking transactions associated with it.

This was done by embedding a smart chip to the membership cards which enables HSC members not only access at the club’s new electronic gates and parking spaces, but will also double as a prepaid card to be recharged and used to make various purchases and payments.”

Commenting on launching the card, Mrs. Salma Abou Hussein, Head of Consumer Banking at NBK-Egypt said: “The launch of HSC Smart Card, in cooperation with our bank, is a milestone in the bank’s digital products and advanced payment solutions, which the bank has been keen to adopt since some time by launching “NBK - Egypt Online Banking”, then “NBK – Egypt Mobile Banking App”, allowing our customers to make a variety of banking transactions in a simple and secure way, without the need to visit the branch for every transaction. Additionally, the bank launched e-Wallet, which enables customers to make transfers and various bill payments directly from their mobile phones in an easy and secure way. As a culmination of the bank’s digital services, the bank recently launched “Meeza” Prepaid Card, which allows customers to enjoy a unique banking experience.”

Abou Hussein added that the new HSC Membership Card is a co-branded card that is used as a membership card, and, in addition, doubles as a prepaid card that can be used to make various purchases and bill payments inside or outside the club. It can also be used to pay for subscriptions to various sporting activities inside the club, as well as to make online payments, making it easier for members to use one card for all their daily transactions and needs. Members can activate the card and recharge it at the bank’s branch inside HSC, after filling in the documents and updating customer's information on Content Management System. The new card will be distributed to the members by HSC management as a replacement for the current plastic card.