Banque Misr on track to open a new office in China

Egypt’s oldest bank, Banque Misr plans to open another representative office in China in the coming period, its vice chairman said Saturday.

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.

There are several Chinese firms seeking to enter the Egyptian market through various sectors, notably the automotive manufacturing, El Maghraby added.

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.