Egypt’s Banque Misr eyes regulator’s approval for Saudi branch

Banque Misr, Egypt’s second largest public bank, hopes to receive regulatory approval to new a new branch in Saudi Arabia, its vice chairman said on Sunday.

The Egyptian bank has applied to obtain the licences from the Saudi Arabian Monetary Authority (SAMA) to open the new branch to receive the required, Akef El Maghraby said during a banking event in Cairo.

Banque Misr targets the official opening of a new branch and a representative office in South Korea and Italy soon while working on establishing a presence in Kenya, El Maghraby added.

He also added that the bank also aims at opening a new office at Dubai International Financial Centre (DIFC). The bank’s UAE branches have raised $ 500 million for government debt instruments, El Maghraby said.