National Bank of Egypt to Open New Branch in Riyadh by End of 2024

The National Bank of Egypt (NBE) has announced plans to open a branch in Riyadh by the end of 2024, according to statements made by the bank’s Executive Head Mohammed Al-Atrebi's during the 48th meeting of Arab Central Banks and Monetary Authorities in Cairo.

This decision follows approval from the Saudi Council of Ministers, granting NBE a license to operate in Saudi Arabia after receiving prior consent from the Central Bank of Egypt. With the license in hand, NBE is in the final stages of selecting the ideal location, ensuring all necessary regulatory requirements are met and that the facility is equipped with the required facilities.

The NBE branch in Riyadh will join a number of overseas branches operated by the bank in China, the United States, Ethiopia, South Africa and the UAE.