South Sudan finally inaugurates first National Bank of Egypt subsidiary

JUBA – South Sudan government on Tuesday inaugurated the country’s first-ever subsidiary of the National Bank of Egypt.

The Egyptian biggest state-run lender first got its approval for a South Sudan subsidiary in April 2021.

Vice-President for Economic Cluster Dr. James Wani Igga who inaugurated the bank hailed ties between South Sudan and the Arab Republic of Egypt and said the bank’s presence in Juba will boost trade cooperation between the two countries.

“This bank will strengthen the relationship between the two countries in terms of trade, economic, and many other fields,” Dr. Igga told journalists during the official opening of the bank subsidiary in Juba on Tuesday.

Igga said the Juba subsidiary got its approval following an agreement between President Salva Kiir Mayardit and his Egyptian counterpart President Abdel Fattah al Sisi.

“We have signed a number of memorandums of understanding (MoU) with the sisterly country of Egypt, blessed by the two Presidents, President Salva Kiir Mayardit and President Abdel Fattah Saied Hussein,” Igga said.

“This bank has been allowed by these two leaders to come and operate in South Sudan. Definitely, the people of South Sudan must find this as an opportunity to celebrate,” he said.

Hisham Okasha, Chairperson of the Board of National Bank of Egypt, said that the bank’s presence in Juba will boost cooperation and development in Africa.

“The National Bank of Egypt is the largest bank in Egypt, it was established in 1898 and we have a very strong strategy in our expansion within Africa,” said Okasha.

“We already have branches in Khartoum, Sudan and we are very proud to be here today (Tuesday) it is not only the inauguration of National Bank Egypt in Juba but it is also a celebration of 124 years of establishment of the National Bank of Egyp.”

The National Bank of Egypt (NBE) is the oldest commercial bank in Egypt.

It was established on June 25, 1898, with a capital of £1 million.

NBE has an extensive network of 553 branches, offices, and banking units nationwide.

It has subsidiaries in Sudan, New York, South Africa, Dubai, and others.