Banque Misr UAE Capital Doubled To AED 360 Mln

Banque Misr has doubled the capital of its unit in United Arab Emirates from AED 180 million to AED 360 million at the end of last December.

Mohamed Abbas Fayed, deputy chairman of Banque Misr, stated to Amwal Al Ghad that the capital increase is consistent with bank’s plan to improve the performance of the bank in UAE. This plan which aims at restructuring the bank’s five branches in the Gulf Arab country by offering all banking services there.

The bank’s plan also includes sending high-level banking cadres to the bank’s unit in UAE, introducing a modern IT system and strengthening the bank’s capital base to be able to solve its problems.

Fayed revealed that the bank does not plan to increase the number of branches in UAE in the time being as it has five branches in Abu Dhabi, Dubai, Ras al-Khaimah, Sharjah and Al Ain.

Banque Misr also has existence in a number of Arab and European countries through Banque Misr Liban, Banque Misr Europe-Frankfurt and Banque Misr Paris. The bank is currently finalizing the executive procedures of inaugurating a representative office in Turkey, after receiving approval from the Central Bank of Egypt, with the aim of facilitating trade movement between Egypt and Turkey.