Banque Misr to open new branch in Dubai

Egypt’s second-largest state-run bank, Banque Misr, is planning to open a representative office in Dubai to facilitate Egyptian investments in UAE within the upcoming period, its vice chairman Akef El Maghraby, said.

He told Amwal Al Al Ghad that the new office will be in Dubai International Financial Centre (DIFC), as part of the bank’s desire to strengthen its external presence during the coming period.

He further noted that the bank’s global presence is at the top on its strategy during the upcoming period to strengthen the business relationship  with other countries, along with increasing the cash flows from remittances of the Egyptians abroad.

El Maghraby added that Banque Misr is  making the arrangements and procedures required to open a new office in South Korea, Italy and Kenya.

The bank has about 600 electronically integrated local branches, as well as five branches in the United Arab Emirates and one in France, In addition, the bank boasts a regional and global presence, with subsidiaries in Lebanon and Germany, as well as representative officies in China and Russia and a global network of correspondents.