Egypt’s Banque Misr to open Russia office this week – vice chief

Egypt’s second largest bank, state-run Banque Misr is preparing to open its representative office in Russia this week, its vice chairman said Saturday.

The bank has also plans to set up presence in Africa, mainly in Somalia and Kenya in the coming few years, Akef El Maghraby further told Amwal Al Ghad.

The Egyptian state-run bank opened earlier in April its representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.

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.