Arab Finance: As part of the bank’s ongoing efforts to consolidate its position in the Egyptian banking sector, aiBANK announced the launch of a comprehensive initiative to change its name and brand to Bank NXT, looking forward to writing a new chapter of achievements through its commitment to providing an integrated package of financial solutions and easily accessible banking services. According to the statement sent on September 30.
In addition, the bank looks forward to continuing to develop its human capital and technological infrastructure to meet customer needs and shareholders’ ambitions in light of the large size of the Egyptian banking market, in addition to enhancing its competitive capabilities by providing the best, fastest and most distinguished services to customers.
As part of this strategic move, the bank is also keen to provide an easy-to-use banking experience tailored to customer needs.
For her part, Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation and Chairman of the Board of Directors of both the National Investment Bank and the Sovereign Fund of Egypt, said, “The development we are witnessing today in the Arab Investment Bank’s journey reflects the effectiveness of government investments through the Investment Bank’s contributions.” The National Fund and the Sovereign Fund of Egypt, which is in line with the vision that aims to make room for the private sector and maximize the use of state-owned assets, to achieve the goals of the state ownership policy document, leading to raising economic growth rates.
In this context, Engineer Tariq Kabil, Chairman of the Board of Directors of Next Bank, expressed his pride in the approach taken by the bank towards creating a comprehensive structure in all its sectors by adopting a forward-looking strategy and searching for the best financial and banking solutions that suit the needs of its customers.
Qabil added that changing the name and brand is not limited to updating the name and logo only, but also extends to the type of services that the bank aims to launch during the coming period to cover new segments of customers, pointing out that the new brand reflects the bank’s expansion strategy towards openness and targeting a distinguished center within The top 10 banks in the Egyptian banking market in terms of return on equity and return on assets in the next five years.
Moreover, Qabil stressed that changing the name and brand is a starting point for the bank’s promising future, which has succeeded over the past three years thanks to the support and confidence of our shareholders in the bank’s new strategy in pushing the bank towards growth and increasing profitability, in addition to its commitment to applying the best governance standards and banking practices. Taking a proactive approach to confront current challenges and continuing to develop the digital infrastructure to enhance its ability to seize a distinct market share as a competitor in the banking sector and keep pace with the latest financial technology solutions.
For his part, Tamer Seif, CEO and Managing Director of Next Bank, expressed his pride in the distinguished results achieved by the bank during the previous period, which reflect its approach aimed at strengthening its position as a leading financial institution in the Egyptian banking market, stressing the bank’s ability to operate in an ever-changing economic environment while maintaining On its commitment to its long-term goals, which is implementing the growth strategy, which it succeeded in implementing thanks to its accelerated steps towards expanding its geographical presence and implementing digital transformation plans.
Saif also pointed out that changing the bank’s corporate identity came as a result of a careful two-year study in cooperation with consulting companies specialized in the field of marketing and branding. The matter settled on the new corporate identity that gives a futuristic image that reflects the confidence of current and future customers in the bank’s services.
Saif added that this study resulted in defining the bank’s new values, objectives and strategy, which were disseminated throughout the institution in various frameworks and ways.
Moreover, Saif noted that Next Bank will bring about changes in the banking sector with a new vision and commitment to continuous improvement. Rebranding the bank is more than just a new name; It is a complete update of our strategy and values.
This change is designed to support growth, digital innovation and customer-centric solutions that meet the needs of individuals, small businesses and large corporate clients, while also driving positive economic developments, Saif said.
As expressed by Karim Awad, CEO of the group EFG HoldingHe expressed his happiness at changing the name and brand of the bank, which represents an important turning point in its journey, stressing that the change reflects the bank’s aspirations to begin a new phase in the growth process supported by its firm commitment to achieving flexibility, speed, ease and operational excellence, while providing solutions specifically designed to meet the needs of various customer segments. .
Awad pointed out that since changing the shareholder structure in 2021, the entry of new shareholders (EFG Holding Group and the Sovereign Fund of Egypt), and the increase in issued and paid-up capital to 5 billion pounds, Next Bank has succeeded in meeting the ever-changing needs of customers and keeping pace with the latest developments in the Egyptian banking sector. This is thanks to the proactive approach adopted by the bank, which is based on exploring and understanding customers’ needs to design innovative solutions that suit their needs and aspirations.
This decision reflects the bank's strong commitment to making a tangible impact and promoting growth that is in line with the evolving economy of the future. By adopting this vision, the bank aims to play a pivotal role in supporting its customers and communities as they deal with the changing financial landscape.
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