Egypt to sell stake in Banque Misr in 2024

Egypt is eyeing selling a stake in Banque Misr to a strategic investor in 2024, the bank’s chairman Mohamed El-Etreby told Asharq Bloomberg on Monday.

El-Etreby also said that negotiations to sell the bank have been in the process for years, and that closing the deal is currently being done.

The bank has been working on establishing an independent digital bank for three years, the banking official stated, saying it is expected to launch in the Egyptian market during the first quarter of 2024.

There are also plans of opening a branch in Riyadh soon and that all related regulatory procedures have been finalised.

He also added that there are other banks seeking to launch a branch in Riyadh such as the National Bank of Egypt (NBE).