It is my great pleasure to meet you again while the Bank is starting a new era in its growth path as one of the big private banks in Egypt by rendering an integrated package of distinguished services. The Bank combines between a long-standing presence in the Egyptian market for fifty years, a present and a bright future secured by a mix of the Egyptian professional experience and the international experience of Intesa Sanpaolo, the biggest financial group in Italy and the third among EU countries.

International Institutions praised the significant developments witnessed by the Bank and its growth positive prospects that urged the rating agency "Capital Intelligence" to raise Bank of Alexandria's outlook from "Stable" to "Positive".

We make our utmost efforts to present our Bank to the market in a prestigious image. The severe competition among all banks, oblige us to provide services and manage relations with customers in a distinguished manner. This actually represents the main key to the aspired success of the new services rendered by our Bank.

The Bank believes that human capital is the main key to success. Consequently, the Bank concentrated on developing human resources whether during the restructuring process or after the sale of the controlling interest in the Bank to Intesa Sanpaolo. In developing its human cadres, the Bank relied on international professional expertise in addition to bringing in promising youths to be among its staff. This is in addition to modernizing the Bank's branches and channels of communication with customers. This was reflected in rendering immediate, distinguished and high quality services to its customers.

The Bank was keen to set an integrated expansionary plan at all levels. Geographically, the Bank plans to double the number of its branches in addition to launching a number of mobile branches in remote governorates. On the professional level, developed plans of action are adopted to change radically the Bank's policies. This is in addition to diversifying the Bank's activities in the field of investment and finance. This is done in order to gradually double the Bank's market share in the total assets of Egyptian banking system from 7% to about 15% and to increase the Bank's balance sheet to EGP80bn, hoping to realize record net profits.

In order to realize the Bank's ambitious goals, numerous measures were taken to develop work mechanisms and methods of rendering banking services to match the international standards. This is considered a significant step towards implementing the Bank's new growth strategy which is based on studying both the market and customers' needs. It is note worthy that the Bank has already started offering new competitive products to segments which do not obtain enough banking services. This is done in an attempt to fulfill various customers' needs especially after making major strides in developing information technology and communications, thus enabling the Bank to render high professional banking services.

The Bank gives special attention to expanding the finance of small and medium enterprises, drawing on the Italian expertise in this field. In this respect, a memorandum of understanding with a value of euro 50m was signed by the Egyptian Ministry of Commerce and Industry, Intesa Sanpaolo, Bank of Alexandria and the Italian institution "SACE". The aim of this memorandum is to guarantee risks of easy - term loans extended by the Bank to small and medium enterprises which purchase goods and services of Italian origin. This is in addition to financing such enterprises' exports to Italy.

In view of the Bank's commitment to playing its social role, it has embarked on working in the field of micro finance as it offers great job opportunities for youths and handicraftsmen. The Bank adopted a special program for this purpose and determined certain sections at branches for rendering this type of loans. Moreover, agreements were held with local institutions and organizations to market the program products. Furthermore, the Bank is keen on introducing new savings schemes, particularly micro deposits, to fulfill the needs of low-income customers.

This is in addition to rendering unprecedented services in the growing field of mortgage finance with competitive conditions and advantages. Moreover, the Bank expanded prudently in the field of local and international corporate. Such a department succeeded in attracting credit worthy customers and arranging syndicated loans, the Bank arranged a big syndicated loan to finance oil exploration. This is positively reflected in the increase of the Bank's revenues and distribution of the loan portfolio risks.

Furthermore, the Bank is keen on expanding its retail banking services via issuing all types of credit cards and extending personal easy-term loans which meet customers' various needs. This is besides rendering investment services.

The Bank plays a vital role in reinforcing Egyptian - Italian economic and trade relations; whereas it renders innovative services to the Italian companies via a unit in the Bank named "the Italian Desk".

The results realized by the Bank, in 2007 (the first financial year after its sale), give evidence that the Bank is moving on the right path according to its ambitious strategy. The bank registered record profits during the first half of the current year, thus approaching the performance of private banks whose experience in the market exceeds twenty years.

Finally, I would like to assure our customers that Bank of Alexandria, which has always gained their confidence, will continue upgrading its services supported by Intesa Sanpaolo's new visions and international mechanisms.