Crédit Agricole Egypt renews partnership agreement with Visa

By Pavithra R

Credit Agricole Egypt SAE, an Egypt-based bank engaged in the provision of corporate banking, retail, and investment banking services in the Arab Republic of Egypt and foreign countries, signed a new five-year partnership agreement with Visa, extending their 17-year cooperation in providing card payment solutions.

Crédit Agricole Egypt was represented by the Managing Director, Jean-Pierre Trinelle, and Deputy Managing Director, Walie El-Din Lotfy, while Visa was represented by Ahmed Gaber, Visa’s General Manager for North Africa, and Malak El Baba, Visa’s Country Manager for Visa Egypt, according to a statement on Sunday.

“We are proudly extending our 17-year cooperation with Visa to open up new horizons in cards payment services and thus further meet our clients’ needs and expectations,” said the bank’s Managing Director, Jean-Pierre Trinelle.

Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, a market leader in Universal Customer-Focused Banking in France and one of the largest banks worldwide. Since its launch in 2006, Crédit Agricole Egypt has succeeded to become a strong player on the economic scene, positioning itself as the Reference European Bank in Egypt.

During the first quarter of 2021, the bank logged net profits of EGP 378.52 mn, down from EGP 439.96 mn in Q1-20. The net interest income retreated to EGP 1.25 bn in the January-March period, compared to EGP 1.36 bn in the year-ago period.

Malak El Baba, Visa’s Country Manager for Egypt, noted that the renewed cooperation will enable them to continue offering more innovative digital payments solutions to the bank’s cardholders.

Established in 1958, Visa is a global payments technology company working to enable consumers, businesses, banks, and governments to use digital currency. Its advanced global processing network, VisaNet, provides secure and reliable payments and can handle more than 65,000 transaction messages a second.