Bank NXT, a leading provider of integrated retail and corporate banking solutions in Egypt, in collaboration with Bank NXT Foundation for Community Development, has signed a strategic partnership with Elsewedy Technical Academy (STA) to sponsor 52 students across three academic classes over a three-year period. The partnership comes as part of the bank’s ongoing commitment to supporting technical education in electrical engineering technology and programming, and to equipping young people with future-ready skills aligned with labor market needs.
The initiative reflects Bank NXT’s firm belief in the pivotal role of high-quality technical education in driving economic development. Through this sponsorship, students will gain access to advanced technical training programs designed to prepare them to contribute effectively to vital industrial sectors and the energy industry.
The agreement was signed by Tamer Seif El-Din, Chief Executive Officer and Managing Director of Bank NXT, and Ahmed Elsewedy, Chairman of the Board of Trustees of Elsewedy Electric Foundation, in the presence of Iman Badr, Deputy CEO for Retail Banking, Marketing, and Financial Inclusion at Bank NXT, Amr Gamali, Deputy CEO Business, and Hanan El Rihany, Secretary General and CEO of Elsewedy Technical Academy, alongside senior representatives from both entities.
Commenting on the partnership, Tamer Seif, CEO and Managing Director of Bank NXT, said: “At Bank NXT, we firmly believe that investing in education, particularly technical and applied education, is a direct investment in Egypt’s future. Our collaboration with Elsewedy Technical Academy, through both the bank and its foundation, is aligned with our objectives to provide students with practical skills, knowledge, and opportunities that enable them to become active and impactful contributors to the national economy.”
He added that the initiative falls within the bank’s comprehensive sustainability and social responsibility strategy, which focuses on supporting education, empowering youth, and creating long-term social impact, in line with the Central Bank of Egypt’s CSR framework.
For his part, Ahmed Elsewedy, Chairman of the Board of Trustees of Elsewedy Electric Foundation, stated: “We are proud of this partnership with Bank NXT and its foundation to support and qualify young technical talent. emphasizing that the collaboration reflects a shared commitment to bridging the gap between technical education outcomes and labor market requirements. The initiative reinforces the importance of technical education as a key pillar of sustainable development, with a strong focus on practical training and the adoption of modern technologies to strengthen industry and the national economy”.
Through this partnership, Bank NXT and Bank NXT Foundation reaffirm their commitment to maximizing social impact and building skilled human capital capable of meeting the needs of Egypt’s key economic sectors and supporting the country’s vision for inclusive and sustainable growth.
About Bank NXT
Bank NXT (formerly known as aiBANK) was established in 1974 as an investment and business bank and commenced its activities under the supervision of the Central Bank of Egypt in 1978 with a capital base of USD 40 million.
The bank has witnessed continuous capital growth, reaching EGP 1.987 billion in 2020. Moreover, as per the decisions of the general assembly held on October 10, 2021, and after the completion of the Bank’s acquisition deal, the Bank received approval to increase its paid-up capital to EGP 5,000,000,003 and adjusted its ownership structure accordingly to accommodate both new and existing investors, as per the following:
• EFG Holding S.A.E – (51%)
• Egypt’s Financial Services and Digital Transformation Sub-Fund – (25%)
• National Investment Bank – (24%)
Additionally, based on the General Assembly decision dated March 24, 2024, a further capital increase was approved, bringing the total to EGP 5,400,000,006.
The Bank offers banking services for individuals through its broad spectrum of retail banking products, as well as corporate banking services for businesses and institutions, including loan syndication for companies and institutions seeking to finance large national projects that support the Bank and the economy. The Bank is keen on supporting the growth of small and medium enterprises, which play a crucial role in Egypt’s overall economic and social development, as well as providing investment and treasury services.
The Bank offers its services to its customers through its 36 branches nationwide. It is constantly working on expanding its geographical presence by opening new branches, with two new branches set to open this month. In addition, the bank is expanding its ATM network to ensure that it covers all key locations. The Bank is also committed to satisfying its customers by providing unique and competitive services and investing in its tech systems and human capital to improve the overall level of its banking services.
Learn more about us at www.banknxteg.com
About Bank NXT Foundation for Community Development:
In 2016, Bank NXT (formerly aiBANK) enhanced its commitment to community welfare by establishing the Bank NXT Foundation for Community Development. Registered under the Ministry of Social Solidarity (No. 10355) as a non-profit organization. The Foundation operates as the Bank’s dedicated developmental arm. At Bank NXT Foundation, we strive to be change makers, committed to giving back to our communities by providing access to quality healthcare, education and economic stability to the underprivileged through sustainable programs and community-driven initiatives and by fostering a culture of volunteerism.
Over the past few years, the Bank NXT Foundation has played a vital role in supporting the goals of Egypt’s Vision 2030 and the UN Sustainable Development Goals (SDGs) through its unwavering efforts and contributions to various initiatives, especially those pertaining to poverty alleviation, quality
About ElSewedy Technical Academy:
• Elsewedy Technical Academy – STA, is affiliated to Elsewedy Electric Foundation (NGO), provides 3 years’ secondary level education adopting dual education model combing 80% training vs 20% theoretical, in accordance to international standards under the auspices of the Ministry of Education & Technical Education.
• STA offers a customized Technical Education and Training for the major industries following the latest standards. It also provides training programs to exiting work force and unemployed youth.
About EFG Holding:
EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a financial institution that boasts a legacy of more than 40 years of success in seven countries spanning two continents. Operating within three distinct verticals — the Investment Bank (EFG Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank (Bank NXT) – the company provides a comprehensive range of groundbreaking financial products and services tailored to meet the needs of a diverse clientele, including individual clients and businesses of all sizes.
EFG Hermes, the leading investment bank in the Middle East and North Africa (MENA), offers extensive financial services, encompassing advisory, asset management, securities brokerage, research, and private equity. In its domestic market, EFG Holding serves as a universal bank, with EFG Finance emerging as the fastest-growing NBFI platform, comprising Tanmeyah, a provider of innovative and integrated financial solutions for micro and small business owners and entrepreneurs, EFG Corp-Solutions, which provides leasing and factoring services, Valu, a universal financial technology powerhouse, Bedaya for mortgage finance, Kaf for insurance, and EFG Finance SMEs, which provides financial services for small and medium enterprises. Furthermore, the company delivers commercial banking solutions through Bank NXT, an integrated retail and corporate banking product provider in Egypt.
Note on Forward-Looking Statements
In this press release, EFG Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities, and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Holding’s belief regarding future events, many of which, by their nature, are inherently uncertain and are beyond management’s control and include, among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending, and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.
