Egypt’s Banque Misr confirms getting approval for first Saudi Arabia branch

Banque Misr, Egypt’s second largest bank, confirmed news on Wednesday that it received approval to open a branch in Saudi Arabia.

The Egyptian bank has bold expansion plans for both Saudi and African markets, its vice chairman Akef El Maghraby said.

State Saudi Press Agency (SPA) reported earlier on Tuesday that Saudi Cabinet issued a decision granting a licence for Banque Misr to open a branch in the kingdom.

Banque Misr currently has five branches in the UAE, one in Paris, and two subsidiaries in Germany and Lebanon. It also has four representative offices in China, Russia, South Korea, and Italy.