Banque Misr, NBE acquire 40% stake in Western Union’s Egypt unit

Banque Misr and National Bank of Egypt’s (NBE) Al Ahly Capital Holding Company (ACH), have on Thursday equally acquired 40 percent stake in the International Business Associates Group for Money Transfer (IBAG), the Western Union’s representative in Egypt.

Speaking about the partnership, Mohamed El Etreby, chairman of Banque Misr, said it aims at merging unofficial transfer sector into the banking sector in Egypt as well as enhancing financial inclusion as part of the bank’s role to support the Egyptian economy.

Hisham Okasha, NBE chairman, said that the move comes within the bank’s efforts to merge customers targeted into the banking sector as well as using official means for transferring funds in order to increase the flow of foreign currency into Egypt especially transferred by Egyptians working abroad.