Egypt’s FRA awards Banque Misr investment banking licence

Egypt’s Financial Regulatory Authority (FRA) has awarded Banque Misr an investment banking licence that allows it to exercise promotional activity and cover underwriting activities in the EGX.

FRA chairman Mohamed Omran declared that this licence allows the bank to carry out these activities without needing to establish a new company for that purpose.

Last week, the FRA awarded the National Bank of Egypt the same licence as part of a policy adopted by Egypt’s banking system to ease procedures to engage in non-banking financial activities in the domestic market.

This policy is part of the government’s push towards improved performance in implementing the Initial Public Offerings Programme.

Source: Ahram online