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Crédit Agricole Egypt: "We are not here to make moves"

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Crédit Agricole Egypt: "We are not here to make moves"

Henri Guillemin, managing director of Crédit Agricole Egypt


In 2006, the French bank Crédit Agricole acquired the Egyptian American Bank with its local partner El Mansour and El Maghraby Investment and Development Co (MMID). Henri Guillemin is two years managing director of Credit Agricole Egypt. Interview.

Where is the development of Crédit Agricole Egypt?

Credit Agricole Egypt is a universal bank that has developed in corporate banking activities, private banking, capital markets and retail banking. We are now the fourth largest private bank, with 2% market share. You should know that, despite some liberalization of the sector, 40% of the banking market consists of public banks.

What is your development strategy?

For now, we are still in the learning phase. In short, we want to stay humble. We are here for a long time and never to blows. This is to avoid excessive risk taking and useless. We want to gain experience and we let the time to test some sectors of the economy. If we do not intend to rush, we are continuing our expansion anyway policy. In 2008, 25 agencies were created and the network should count about 74 at the end of 2009, at a rate of half a dozen just opening this year, due to the crisis.

What has been the impact of the global financial crisis on your business?

The Egyptian banking sector has been little affected by the crisis. In the first half, we have seen a slowdown, but no recession. The economy is expected to grow this year between 3 and 4%, which is okay even if we had become accustomed to a good 6%. Projects were still reported. Above all, the crisis is not over, so I prefer to remain cautious and I will not venture to display specific goals.

In the longer term, you're confident?

In 2008, Crédit Agricole Egypt grew by 15%. While saying this, I want to clarify that we start from very low. But the country has great potential. That is undeniable. Only 10 to 15% of the Egyptian population is unbanked, which suggests an interesting future in retail banking.


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