Banque Du Caire mulls Resident Offices in UAE, Saudi Arabia

Egypt’s third biggest state-owned bank, Banque Du Caire studies the inception of two resident representative offices in UAE and Saudi Arabia in the coming phase.

The two resident representative offices will be part of a plan to boost Banque Du Caire’s expansions outside Egypt.

The bank’s upcoming board meeting will discuss the resident office plan before sending a formal request to the Central Bank of Egypt (CBE) for approvals, a source with knowledge of the matter told Amwal Al Ghad on Saturday.

UAE is one of the good markets which Banque Du Caire seeks to penetrate in the coming period, the source noted.

Notwithstanding the plans, the source pointed out that Banque Du Caire might experience difficulty in Saudi Arabia in the light of the Saudi authorities’ recent decision to stop granting licences to allow representative offices in the country.