El Garhy returns MidBank to the competition in the banking sector

Mid Bank is considered one of the small banks that provided limited performance, especially with the bank’s small geographical presence compared to the other banks in the same era .

Misr Iran Development Bank is a joint bank owned by the governments of Egypt and the Islamic Republic of Iran, its founded on  May 27, 1975 .

The bank’s presence remained weak in the Egyptian banking market, but with Amr El Garhy's leadership in March 2019, the bank began his intensive work on strengthening the bank’s presence and restructuring it in the Egyptian market to succeed two years after launching the bank’s new identity in March. 2021, under the slogan we work for your future.

El garhy adopted an ambitious strategy aimed at comprehensive development and growth to cope with the plans of the Central Bank in developing the work of the Egyptian banking sector coping with the latest technologies and international banking norms.

The bank's infrastructure, engineering and technology have been developed by keeping pace with the latest banking systems, enhancing the portfolio of services and products, and supporting small and medium enterprises.

Moreover, it aimed to expand the provision of products and services that rely on digital and technological means, retail banking services, and establishing new branches, to bring Midbank’s network of branches to about 40 branches by the end of 2025.

El garhy did not neglect the importance of diversifying the customer base and enhancing the bank’s banking activity, as it came at the top of the bank’s current priorities, in light of the strategic direction of the state and the Central Bank of Egypt to maximize the benefit of all sectors of society and achieve sustainable growth.

In this context, he worked to ensure that  persons with disabilities have access to banking services and products, to announce succeeding at the beginning.

Moreover, it provided talking screens translated in sign language to display the terms and conditions of banking products and services within the branches, as well as on the bank’s website, and on social media platforms to provide more than one means to introduce them to banking services.

It also provided ATMs equipped with prominent numbers according to the Braille way, follow up the accounts through a telephone call after each transaction, as well as updating procedures and systems to accept stamps. And the fingerprint as an alternative to signing bank procedures.

He also paid great attention to supporting Egypt's vision 2030 for sustainable development, including the industrial and energy sectors, in addition to his strategy to enhance the syndicated loan portfolio, he participated in several banking alliances; in a contract Multi-purpose syndicated financing during 2022 at a value of 2 billion pounds, with a share of 300 million pounds, to finance the capital requirements for supply contracts related to the El Sewedy Electric Group for 3 years.

This performance was reflected in the bank’s total loans, with an increase of 34% and an increase in the corporate loan portfolio by 25%, by the end of the third quarter of 2022 compared to the end of 2021, according to a previous statement by the bank.

The bank also achieved a remarkable growth in the direct credit facilities portfolio for the small and medium enterprises, by 57% at the end of last September compared to the end of December 2021, according to previous statements by El garhy last November.

The bank received the award for the most growing bank in the small and medium-sized companies sector from Global Business Awards 2022.

Due to El garhy's long experience, where he held many positions before assuming the position of Minister of Finance, including Chairman and Managing Director of the National Investment Bank, as well as Executive Vice President of the National Bank of Qatar.

He also held the position of Executive Director of the Commercial International Investment Company, Managing Director of the Financial Group Hermes, and a member of the Board of Directors of Bank of Alexandria and the Arab Contractors Company.