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IDB launches its 1st savings vessel product - Daily News Egypt

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IDB launches its 1st savings vessel product

Bank managed to increase its retail banking portfolio to EGP 1.4bn in 2 years: Fahmy


The Industrial Development Bank (IDB) launched its first savings vessel under the name STAR SAVING, which would be one of the best savings products in the market providing the best return.

Chairperson of the IDB, Maged Fahmy, said that the introduction of this savings vessel is a continuation of the bank’s strategy to meet the needs of a large community of clients in the household sector.

He added that the bank is preparing to launch another set of products in retail banking, which will have added-value, as retail banking is one of the pillars of the national economy.

Fahmy pointed out that the IDB has a unique retail banking strategy that relies on financing for development and is reflected in improved living standards.

He revealed that the bank was able to penetrate this area, and to increase the size of its retail portfolio to EGP 1.4bn in only two years, thus it achieved the difficult equation, which is targeting all segments of society to become a “bank for everyone.”

Fahmy added that the bank is keen to achieve this goal by focusing on retail for development purposes, financing the delivery of gas to homes and factories, delivering water to homes, and providing adequate housing through mortgage loans.

For his part, the General Manager of the Treasury and Capital Markets Sector at IDB, Haitham Abdel-Fattah, said that this vessel is the first of the bank’s new products to be offered to the Egyptian market under its new logo.

He explained that STAR SAVING gives the highest return on savings vessels in the Egyptian banking market, pointing out that the return begins at 12% for the lowest category up to 15% for the top category.

Abdel-Fattah added that this account has another advantage, and that is the payment of the return on a monthly basis, which helps savers.

Furthermore, he noted that this product is just the beginning to re-introduce the bank in its new form, clarifying that the next few years will witness the launch of several other innovative products.

In conclusion, he pointed out that the launch of these products comes in line with the implementation of the geographical expansion plan recently witnessed by the bank–which aims to reach 50 branches.

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https://wwww.dailynewssegypt.com/2019/07/08/idb-launches-its-1st-savings-vessel-product/
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