BNP Paribas

“To be different is tough,” says Amr Abdel-Aal, head of retail banking at BNP Paribas. And what sets this bank apart from the others is its unparalleled standard of long-term service. As such, Abdel-Aal promises, their mission is to serve clients’ needs in a timely fashion, striving for the fastest turnaround rate on the market.

In less than a year BNP Paribas has seen its client database increase 100 percent, its capital rising to LE 500 million. The secret of their success? “We listen to our customers,” says Abdel-Aal. “Through print media, namely reputable major dailies, one-on-one presentations to certain companies, focus groups, questionnaires and e-mails, we hear from our customers directly. We’re not like other bank managers who sit in their air-conditioned offices and build on what is interpreted as need. We’re a very flexible bank and believe in tailor-making to meet the needs of our clients. Our [strength is in] our innovation.”

In the past six months or so, BNP Paribas has introduced a number of pioneering products. The first is designed to alleviate clients’ fear about opening foreign currency accounts. With the fluctuating dollar, euro, sterling and other hard currency rates, many are preferring to convert what they have into Egyptian pounds, if not at least for the higher interests rates paid. BNP’s 3-Year Knockout CD encourages clients to surrender their foreign currency in exchange for Egyptian pounds but at the considerably higher rate of 10.75 percent. This can be claimed in any foreign floating currency you wish, which is great if you need specific currency. Going to the Holy Land and strapped for Saudi Riyals? Or planning that shopping trip to Europe and need a stash of euros? This CD will give you the currency you require, regardless of the currency you deposit in the account. This CD can be liquidated but not before six months from date of purchase.

Also new is the Five-by-Five, a five-year CD with a fixed monthly interest rate of 10.25 percent calculated in multiples of 100 after the first 1,000. Complementary services include a free credit card, overdraft option and the option to pay any other party. If you purchase this CD the bank can also pay zakat (calculated at 2.5 percent) on your behalf to Al-Azhar).

Ashraf Talaat/Egypt Today

If five years seems like a long-term commitment, how does six months at the outset sound to you? Eideya is a loan launched seasonally (Christmas/New Year’s, Easter, Eid etc.) through which you can borrow up to the equivalent of your salary, provided that it’s more than LE 2,000, with a ceiling of LE 10,000. The loan, which is payable over six months, has a turnaround period of just 3-4 days and is perfect for buying gifts and splurging on holiday expenses. But the best thing about it is that it’s at zero, yes zero percent interest rate. All that’s required from you are a payslip, utility bill and copy of your ID. The bank charges administration fees of LE 50 for every LE 1,000 borrowed.

With its strong focus on personalized treatment (each client has his own account officer), it’s no wonder BNP has come up with the perfect gift for your spouse or partner: a personalized He or She card, the specialized design of which you get to choose. For more serious planning ahead, BNP is working on a series of loans to help you save for a better future. An education loan is in the pipeline, focusing on postgraduates. New ideas for car loans are also being finalized, geared toward shortening the approval period and making pricing more competitive. Currently car loans come in the form of five-year offerings with a flat interest rate of 8.5 percent and insurance which adds in the neighborhood of 3 percent more. The bank can handle up to 80 percent of the car values. Conditions are that the car be a new vehicle and that borrowers have accounts with the bank. The maximum sum is LE 500,000.

As for the much-awaited mortgage schemes that many are pinning their hopes for a dream home on, Abdel-Aal says the service is on the cards. “Globalization means we have to move toward mortgages, which are the backbone of retail banking as they are one of the most secure loans offered to clients. But we are still an underdeveloped market when it comes to securitization. All over the world banks lend short- and medium-term loans according to risk assessment, pool returns and then resell them as pensions or other long-term investments. They get their money back and the cash flow is not affected in any way. But here it will take another two to three years before this becomes a mature industry. We still need companies and developers, international players with a lot of experience. After that a lot of issues will improve.”

But what exactly will happen when mortgages become available? “The issue we’ll be addressing is standard of living. We need to address the needs of our clients, and I expect these to come from a certain class segment who were previously unable to buy homes. But first we’ll need to feel comfortable in lending. We need to be backed by services such as credit scoring and bureaus. The Central Bank has already drawn up a good list of negative creditors which we find very useful.”

Until the mortgages make their grand debut, BNP Paribas is working on a housing loan which should be available in two to three months’ time. The loan will be backed by an asset, i.e. the flat or property purchased will act as collateral, and will be capped at 30 percent of the gross salary.

Courtesy of Barclays Bank

And to outfit your new home BNP has struck a consumer finance deal with Carrefour (Cairo only; this service will be available at the Alexandria branch soon). Through Aghesti, literally ‘my appliances’, you can buy all your electrical goods from mobile phones to washing machines and fridges.

To make life easier, BNP offers online services such as viewing balances, checking credit card accounts, transferring between accounts, transferring to a third part within the bank and transferring to any other bank operating in Egypt as well as transferring to any account anywhere in the world. Online loan applications are still in the pipeline. Check out BNP Paribas’ extremely user-friendly site at egypt.bnpparibas.com.

This year BNP Paribas is dedicating its efforts to establishing a developed network, expecting to open branches in Hurghada, Sharm El-Sheikh, Mansoura and possibly Tanta. ATMs will also be set up where clients need them. Visa cards will also be offered alongside the currently available MasterCards.

Although corporate banking has been the traditional focus of Barclays’ business, its successful venture into personal banking over the last three years has proved so fruitful, Barclays has decided to expand its retail franchise. “Barclays Bank Egypt will pursue its plans to grow its retail network in Egypt and we are working towards almost doubling the current number of our branches by the end of 2005,” announces Stewart Lockie, head of retail banking at Barclays Bank Egypt. “We will continue to expand our network, having recently invested in new branches and renovating old ones.”

So while other banking institutions are struggling to keep their heads above water, Barclays is growing in an effort to meet customer demand. But how does it ensure customer satisfaction? “We aim to deliver products based on what the customers in Egypt tell us they need, products that are truly customer-centric,” says Lockie. “The greatest opportunity lies in creating a range of financial service alternatives that are tailored to clients’ individual needs. There are great opportunities for banks that anticipate customer requirements with innovative solutions. Speed to market is an important success criterion. Clients’ banking needs are becoming more sophisticated especially with the increasing number of financial service providers now available in the market. Barclays, with its wealth of expertise and global footprint, is in an ideal position to offer these tailor-made financial services.”

And offer it will. In the upcoming months Barclays will be launching a number of services, all pending consumer demand. ”There seems to be a growing demand for SMEs [Small & Medium Enterprises], at the same time our customers are looking for longer-term saving plans for those key family events such as weddings and school fees planning. We are working on increasing our accessibility to our customers and that is why we are working on a number of other projects such as ATMs and call center service,” says Lockie.

Still on the books but as yet not fully determined are mortgage services. “Barclays is an expert that has been offering mortgage services in the UK and the world for decades,” notes Lockie. “In Egypt there is clearly a growing demand for mortgages, and we are currently looking at ways in which we can provide the best solutions to our customers.”

To reach out to the broadest consumer base possible, Barclays will be promoting these services in a number of ways. “All of our products are launched through the media and our distribution channels, namely the branch network. Lots more new initiatives are in place geared toward exceeding our continuously growing customer expectations. “And Barclays is certainly going to be putting its best foot forward. “We shall recruit the best local caliber whilst supporting them by international Barclays’ technical know-how through integrated training and development programs. This enables our colleagues to maintain their positions as top performers striving to exceed our customers’ expectations,” announces Lockie.

Amid worries and concerns over a dipping economy, Barclays promises to guide clients toward the best-possible solutions. “Eventually each individual customer decides on his choice of investment and portfolios, but it is our role to give our clients sound guidance and consultation. We work towards providing our clients the service they demand from their financial partner. This we achieve by recognizing our customers’ needs through customer communication,” says Lockie.

And banking with such a big name guarantees clients can rest assured their needs will be met. “At Barclays Bank Egypt we utilize our worldwide expertise in developing customer relations to accomplish professional quality service levels,” notes Lockie. “Our dedicated team of professionals works to provide sound financial advice to suit each customer’s individual requirements.”

Since its arrival in 1982, HSBC Bank Egypt S.A.E. has grown to become one of the largest multinational banks in the country, providing a comprehensive range of banking and related financial services through a network of 17 branches and six mini bank units in Cairo, Alexandria, Sharm El Sheikh, Hurghada, Borg El-Arab and Sixth of October City.

Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services including retail, commercial banking, corporate investment banking and markets, private banking and other activities.

When it comes to retail banking, HSBC, like all other major establishments, offers a variety of accounts (savings/current), TDs, personal loans, credit cards and online banking. But what makes HSBC’s service stand out from the others? It’s the personal touch and those added extras that really count and add up to making HSBC a first-class experience.

Take for example HSBC’s finance management advice scheme. Most people don’t know where to begin when it comes to putting their financial affairs in order. While there are a lot of options, they can be quite confusing.

No matter what your hopes and concerns, think how helpful it would be to get sound, objective, professional advice from an organization that can be trusted. HSBC is that reputable establishment, building on a unique combination of local experience and global resources.

All HSBC offices around the world are staffed by local people. It’s their insight that allows the corporation to recognize financial opportunities invisible to outsiders. But those opportunities don’t just benefit local customers. Innovations and ideas are shared throughout the HSBC network, so that everyone who banks with HSBC can benefit from them.

Another of HSBC’s most personalized offerings is its Premier account. Premier clients are ushered into an exclusive service area where they can enjoy banking discretely, comfortably and with style. Premier clients are always attended by a designated Relationship Manager who will offer financial solutions to meet their needs. The relaxed one-to-one service keeps clients in complete control. HSBC Premier offers a vast range of banking services including: current (with a unique no-bounce check protection up to LE 5,000) and savings accounts in major currencies, major currency TDs with preferential rates of interest, as well as call deposits that allow clients the flexibility to earn higher interest and access funds with a 48-hour notice period. Other perks include telegraphic transfers at preferential rates that enable you to remit funds to any destination worldwide and a 50 percent waiver on personal loans arrangement fees.

A specially designed Premier ATM card allows instant access to HSBC Premier account(s) around the world and free withdrawal (customers who are charged can reclaim a refund from their local branch). A MasterCard is also provided with which you can enjoy a host of exclusive benefits including personalized, high credit limit, automatic travel and accident insurance cover of up to $250,000 when you charge your entire travel fare to your HSBC Premier Credit Card, any number of supplementary cards for family members free of charge.

All you need to open a Premier account is a total deposit of $100,000 or LE 425,000. (Call 19007, 24-hrs a day, 7 days a week for inquiries.)

Not only is HSBC a pioneer in its personalized services, it’s also extremely convenient. A myriad of ways to bank with HSBC include the Branch Network, the extensive and conveniently located 87 ATMs, the internationally accessible Personal Internet Banking Service, the 24-hour Phone Banking Service and the Direct Sales Team.

Branded by HSBC as a “Higher Class of Banking” comes the Status account through which clients are entitled to their own personal banking adviser whom they will meet with at the Dedicated Teller Counter and Designated Service Area to ensure fast and preferential service. A professional, certified financial planning manager works closely with clients to understand individual needs and tailor a comprehensive Financial Plan covering a range of products. This includes investment schemes both from HSBC and a variety of other top-performing providers to make your money work best for you.

Status members can enjoy immediate access to emergency cash beyond the balance in their accounts or an overdraft of LE 5,000 to LE 15,000, at a competitive interest rate. Free credit and international ATM cards are thrown in and there’s also preferential pricing when it comes to personal loans. Not surprisingly, the Status package is reserved for special individuals. But if you earn a minimum gross fixed monthly salary of LE 5,000, you can enjoy all these benefits for a nominal monthly fee of LE 50. Alternatively, you can qualify for Status free of charge if you choose to maintain a monthly average relationship balance of LE 100,000 or more. et