ICEC

Egypt’s Banque Misr aims to open new office in South Korea and Kenya

Egypt’s oldest bank, Banque Misr is negotiating with the central banks of both South Korea and Kenya to open representative offices there, its vice chairman Akef El Maghraby said on Wednesday.

The bank is currently choosing the location of the offices in order to open them during the first half of 2018, El Maghraby added.

In October 2014, Banque Misr opened a representative office in Moscow to facilitate Egyptian investments in Russia. One of the main targets set when opening the bank in Russia was to ensure good conditions for Egyptian businessmen who aim at investing in Russia.

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 in April 2017 its first representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.

The bank currently owns and operates over 580 electronically connected local and international branches, including five in the United Arab Emirates 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.

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