El-Nilein Banking Group has a geographic spread with 34 domestic branches in Sudan and one in Abu Dhabi, United Arab Emirates. The outlook for Nilein is promising given that Sudan's economy has posted a GDP of 8.5% in 2006 and is poised to grow with increasing oil output.
Over 20 financial institutions participated in the bid for partial privatization of El-Nilein Banking Group. Al Salam Bank was notified as the successful bidder mainly due to the proposed business plan for El Nilein.
Mr Husein Al Meeza, Vice Chairman and the Managing Director, of Al Salam Bank stated, "The acquisition of a strategic stake in El-Nilein Banking Group will contribute to the geographic expansion of Al Salam Bank and will provide the opportunity to penetrate the growing Sudan market and the Emirates market through the Abu Dhabi branch."
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Al Salam Bank wins bid for strategic stake in El-Nilein Banking Group Sudan
- Bahrain: Wednesday, January 03 - 2007 at 12:32
- PRESS RELEASE
As part of strategic diversification and expansion plans, Al Salam Bank will acquire a significant minority stake in El Nilein Banking Group, subject to regulatory approvals.
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Posted by Janeta Novakovic, Assistant News EditorWednesday, January 03 - 2007 at 12:32 UAE local time (GMT+4)
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This article was updated on Mon Feb 19 2007.
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