Egypt’s Banque Misr to open 15 new offices in Africa in three years

By Ahmed Ali & Mostafa Mahmoud On Nov 6, 2019

Mohamed El-Etreby Banque Misr CI Capital — Mohamed El-Etreby - chairman of Egypt's second-largest state lender, Banque Misr

Banque Misr, Egypt’s second largest bank, will expand its banking presence in 15 new markets across Africa, its chairman Mohamed Eletreby told Amwal Al Ghad on Tuesday.

“We have obtained the Central Bank of Egypt’s approval to open a BM branch in Somalia in addition to two representative offices in Tanzania and Kenya, Eletreby said on the sidelines of a banking conference in Cairo.

The Egyptian bank is also seeking to obtain a full banking licence from Dubai’s financial regulator, which enables its DIFC branch to accept deposits, he added.

Banque Misr currently owns five branches in the United Arab Emirates and one in France, in addition to subsidiaries in Lebanon and Germany, as well as representative offices in China, Russia, South Korea, and Italy, and a global network of correspondents.