It has been over two years since we began the execution of our comprehensive reform program of our structural framework and improving Banque Misr’s internal work procedures. This has been implemented under the patronage of the Central bank of Egypt and the instructions of the government which are directed toward building a stable atmosphere that includes strong entities more qualified for competing in light of local and international challenges.
In order to activate the restructuring plan, programs have already been laid out to define Banque Misr’s final new structure which will be achieved through the restructuring of many sectors according to the latest banking industry technologies. The final features of Banque Misr’s general strategic plan have been laid down in light of new occurrences in the banking market. Among the most prominent features comes the bank’s future vision according to currently available opportunities manifested in the increase in total assets, customers numbers, branches, and ATM machines which consequently leads to an increase in the bank’s market share in comparison with other competing banks in the market - which continuously increase..
The bank’s vision and goals are directed towards fulfilling all its customers’ needs and playing a leading role in the prosperity and development of the countries in which it operates in, while committing to its core and primary values represented by credibility in all its dealings, providing the best services to its customers, , and excelling in all its actions while developing a team spirit so employees can achieve their full potential.
The bank's management was keen on preparing a strict strategic plan, due to the nature of challenges facing the banking industry, which include, for example, the rise of new banking activities and the recession of other activities. There is also the challenge of the emission of new products and services and the extreme care dedicated towards the quality of the product as well as the growing role of electronic banking services, in addition to the entrance of advanced multi-national banks into the Egyptian market. This presence created a need for the innovation of new criteria for measuring performance quality which encompass the product's actual quality in addition to the selling skills of customer service employees, as well as the degree of service improvement with the aim of achieving customer satisfaction.
Banque Misr's fiscal year 2006/2007 results came to express several achievements. The net growth rate in the fiscal position increased by 25% in 2006/2007 compared with the previous year while shareholders’ rights increased by 47.9% in comparison with the previous year, and this was after the bank’s general assembly approval on 21-3-2007 to increase the paid-in capital from EGP 1.8 billion to EGP 3.4 billion. Also, net growth rate in deposits, credit facilities, and investment portfolio reached approximately 9.3%, 53.5%, and 6.9%, respectively.
The result of this dynamic and positive participation of my fellow colleagues was evident when the bank won “The Best Provider of Money Market Funds for the Middle East” Award. The bank was awarded this prize by Global Finance magazine, one of the biggest finance magazines worldwide.
The keen to Change towards the better is the feature of success and a symbol of continuity, and I have utter confidence that Banque Misr in its new form will succeed in improving its competitive capabilities in accordance with the steady steps taken toward growth and prosperity, and based on the experiences gained by the bank throughout its history.
Mohamed Kamal Al Din Barakat