Banque Misr says to open China resident office this week

Egypt’s second biggest bank, state-owned Banque Misr will be opening its representative office in China later this week, vice chairman Akef El Maghraby announced Saturday.

“The bank also plans to open a representative office in Russia; that’s why we’re currently completing all the necessary licences for it.” El Maghraby said.

The Egyptian bank is studying expansions in South Korea as well as six African countries in the coming period, the banking official added.

The bank currently owns and operates over 580 electronically connected local and international branches, including five in the United Arab Emirates and one in France. This is in addition to its regional and global presence in Lebanon and Germany, and its worldwide access through a network of correspondents.