Banque Misr postponed its plans to expand in Syria and Sudan because of the political unrest in Syria as well as the needed focusing on Egyptian market, Mohamed Abbas Farid, vice president of Banque Misr, told Amwal Al Ghad.
Banque Misr is still studying the possibility of expansion in North or South Sudan. Getting an approval from Central Bank of Sudan will be at the beginning of 2013, Farid expected.
Banque Misr is willing to focus more on the Egyptian market through financing strategic projects and SMEs to boost national economy as well as expanding in offering Islamic banking products, Farid said.
Banque Misr announced earlier his plan to establish an Egyptian Syrian bank with a total capital of US$ 200 million. The shares of this bank are divided among Banque Misr, Banque Misr Liban, some Syrian businessmen by 51%, 5% and 19% respectively, and 25% of its shares will be sold in an IPO.