Egypt strategic market for NBK, no plans to exit: Deputy Group CEO

Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait

National Bank of Kuwait (NBK) considers Egypt as one of its most prominent strategic markets, Shaikha Al-Bahar, Deputy Group CEO and Chairperson of NBK-Egypt, told Bloomberg.

NBK always considers Egypt as its second local market and long-term investment, Al-Bahar said, noting that the bank's business in Egypt is one of the most profitable for the group as it records the highest return on equity and assets.

The bank is looking forward to easing geopolitical tensions, which would allow some recovery in foreign currency flows and reactivation of the government asset sale program.

Once confidence in the economy and currency is restored, there will be great opportunities in Egypt, Al-Bahar said, adding, "We remain optimistic about the country's future prospects."

Talks with the International Monetary Fund (IMF) are proceeding positively towards reaching an agreement that may bring financing of more than $10 billion, she said.

She stressed that Egypt faced several economic shocks and it will take some time to ease this tension and recover from the current situation.

Egypt has one of the largest economies in the region, with great potential for growth once it gets back on track, Al-Bahar said. "It is a major growth market for us, and we are keen to continue expanding there," she noted.