In a bid to redefine its position in Egypt’s commercial banking sector, aiBANK recently announced a comprehensive rebranding, unveiling its new brand name and identity as Bank NXT. Reiterating its commitment to continuously adapt to meet the evolving needs of its diverse clientele, Bank NXT is embarking on a transformative journey to provide timely and accessible financial solutions.
The bank aims to continue investing in its human capital and digital infrastructure to cater to its clients’ needs and fulfil its shareholders’ ambitions. Moreover, it seeks to boost its competitive edge by providing optimized, quick, and distinctive services. Through the strategic rebranding, Bank NXT is also committed to streamlining a customized client experience.
“This initiative is a key part of our vision to create opportunities for the private sector while maximizing the value and returns from state-owned assets,” stated Dr. Rania Al-Mashat, minister of planning, economic development, and international cooperation, chairperson of the National Investment Bank and the Sovereign Fund of Egypt (TSFE).
Bank NXT aims to be among top 10 banks in Egypt
Tarek Kabil, chairman of Bank NXT, expressed his enthusiasm for the rebranding, stating that Bank NXT takes pride in the comprehensive and progressive restructuring strategy. “The rebranding exercise goes beyond changing our name and brand identity. It also symbolizes the quality of our offerings, which we tend to launch soon to target new customer segments,” Kabil noted.
The bank’s offerings align with its vision of becoming among the top 10 banks in Egypt in terms of return on equity and return on assets in the next five years. Kabil also highlighted that the rebranding marks the start of a new chapter for the bank. “Over the past three years, we have grown thanks to the support and trust of our shareholders in our new strategy, which has driven growth and increased profitability,” he added.
Commitment to digital transformation
For his part, Tamer Seif, CEO and managing director of Bank NXT, said that the bank’s commitment to long-term goals remains steadfast. The bank has successfully implemented a robust growth strategy, which includes expanding its geographical footprint and committing to digital transformation.
“The evolution of our new corporate identity, a result of a meticulous two-year collaboration with leading branding experts, not only reflects our dedication to our clients but also embodies our future aspirations,” he added.
With a new identity, Bank NXT also seeks to support growth, digital innovation, and customer-centric solutions. Moreover, it aims to address the needs of individuals, small businesses, and corporate clients, while also encouraging positive economic developments.
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Adapting to the evolving Egyptian banking sector
For his part, Karim Awad, group CEO of EFG Holding, explained that the launch of Bank NXT reflects the group’s aspirations for a new phase of growth for its commercial banking arm. This transformation also reiterates the group’s commitment to flexibility, speed, ease, and operational excellence.
“Since the significant changes in its shareholder structure in 2021 and the infusion of new capital, Bank NXT has demonstrated its ability to adapt to the evolving landscape of the Egyptian banking sector,” Awad added.
This decision reflects the bank’s strong commitment to creating a meaningful impact and fostering growth that aligns with the evolving economy of the future. By embracing this vision, the bank aims to play a pivotal role in supporting its clients and communities as they navigate the changing financial landscape.
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