Bank NXT Revolutionizes Banking Operations with Red Hat Partnership
Deal News | Jan 29, 2025 | Zawya
Bank NXT, initially known as aiBANK, is collaborating with Red Hat to overhaul its digital banking structure. Utilizing Red Hat's hybrid cloud solutions, Bank NXT aims to enhance operational efficiency, bolster customer experiences, and fortify security measures. This strategic integration involves leveraging Temenos and Mindgate's digital tools with Red Hat's platforms, significantly reducing the time for deploying new digital services and frequency of updates. This modernization drive supports Bank NXT's commitment to delivering competitive, agile financial services, while also addressing the needs of small and medium enterprises crucial to Egypt's economy. As part of EFG Holding, a prominent financial institution serving various markets, Bank NXT's transformation aligns with broader objectives of growth and innovation.
Sectors
- Financial Services
- Technology
Geography
- Egypt – The location of Bank NXT's operations and focus of its digital banking service improvements.
- Middle East and North Africa (MENA) – Region where EFG Holding, Bank NXT's parent company, operates and leads in investment banking services.
Industry
- Financial Services – The article primarily discusses Bank NXT's operations and service enhancements in the financial sector, focusing on retail and corporate banking solutions.
- Technology – Involves Red Hat's contribution to improving Bank NXT's digital banking infrastructure using hybrid cloud solutions.
Financials
- EGP 5,000,000,003 – Bank NXT's paid-up capital post-acquisition deal and adjustment of its ownership structure.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank NXT | Target Company | Company | A leading provider of integrated retail and corporate banking solutions in Egypt. |
| Red Hat | Service Provider | Company | World-leading provider of open-source solutions that aids Bank NXT in digital infrastructure modernization. |
| EFG Holding | Parent Company | Company | A major financial institution with a presence across eight countries, owner of Bank NXT. |
| Egypt's Financial Services and Digital Transformation Sub-Fund | Investor | Government | Holds a stake in Bank NXT as part of its ownership structure. |
| National Investment Bank | Investor | Government | Another key stakeholder in Bank NXT. |