Egypt’s second-largest state-run lender Banque Misr is considering opening a representative office in Italy to facilitate Egyptian investments in the country.
The new representative office is part of the Egyptian bank’s plan to expand presence in both European and African countries.
Banque Misr’s vice chairman Akef El Maghraby told Amwal Al Ghad that he had recently met with the Italian ambassador in Cairo to discuss the possibility of establishing a presence for the bank in Italy.
The bank has also plans to set up presence in Africa, mainly in Somalia and Kenya in the coming few years.
The Egyptian state-run bank opened earlier in April its representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.
“Banque Misr has decided to open a new office in China following the recent rise in the volume of trade exchange between China and Egypt amid expectations to witness more in the future,” Akef El Maghraby further told Amwal Al Ghad.
The bank currently owns and operates over 600 electronically connected local and international branches, including five in the UAE and one in France. This is in addition to its regional and global presence in Lebanon and Germany, and its worldwide access through a network of correspondents.
The trade exchange between Egypt and Italy has increased by 13.9 percent recording €2.594 billion during the first half of the current financial year 2017-2018, compared to €2.276 a year earlier. Egyptian exports to the Italian market has increased by 25 percent recording €995 million.