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Egyptian Banking System Expanding on Middle Class, Financial Meltdown Ineffective
RNCOS, a leading market research firm, said in its new report "Egypt
Banking Sector Analysis", with the significantly low penetration and
growing middle class segment, the total deposits at banks in Egypt are
projected to grow at a CAGR of 14% from 2007-08 to 2010-11.
As per the report, banking penetration is quite low in Egypt and most of
the Egyptians are still unbanked. This is evident from the fact that
only 10% of Egyptians currently have a bank account, and only 4% had a
debit card as on end of 2007. But the growing middle class population
(due to increasing income) and rising awareness level is enabling this
unbanked population to access banking services like bank deposits
facility. Thus, prospects of the banking sector are reasonably bright as
the emergence of middle class population will support the rising demand
of banking services like saving and current account deposits and related
services like payment cards.
But the most astonishing fact about the Egyptian banking industry is
that it will remain unaffected by the ongoing economic meltdown. As per
a Research Analyst at RNCOS, "We do not see any significant impact of
global financial turmoil on the deposits as the Egyptian system is
dominated by state-owned banks. Otherwise also, the system is enjoying a
high-support environment, with the country's authorities having
historically demonstrated both their willingness and their ability to
intervene and prevent a banking default by any of the Egyptian banks,
irrespective of their size or relative importance to the system."
"Egypt Banking Sector Analysis" provides a comprehensive research and
prudent analysis on the banking industry of Egypt. This extensive
researc h will help the clients to identify the market trends and
evaluate the leading-edge opportunities critical to the success of the
banking industry in the country. This study gives an overview on the
various factors driving the banking industry, together with the forces
that are blocking the growth of the industry.
This research supplements the past and current information on the
Egyptian banking market with forecast on various important industry
aspects, including population, consumer durables (television,
refrigerators and washing machines), Internet penetration, mobile
subscribers, passenger car registrations, banking deposits, loans with
the possible sub-categories and net interest income.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It
has a
team of industry experts who analyze data collected from credible
sources.
They provide industry insights and analysis that helps corporations to
take
timely and accurate business decision in today's globally competitive
environment.
For more information visit:
http://www.rncos.com/Report/IM155.htm
Current Industry News:
http://www.rncos.com/Blog/
Disclaimer: The views and opinions expressed in the research published are those of the individual companies and writers and not necessarily those of Investorideas.com®, or any of the industry sector portals . At the time of publication, writers may hold positions in the stocks or companies mentioned.
Investorideas.com® or any of the industry sector portals cannot assure accuracy of the research presented. Investors are encouraged to research and verify facts and under no circumstances is Investorideas.com® endorsing the content as a recommendation to buy or sell stock.
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