Arab Finance: Banque Misr has obtained the approval of the Central Bank of Kenya (CBK) to establish there a representative office, the CBK revealed in a press release on August 2nd.
The office will be set up under the name of Banque Misr- S.A.E – Kenya Representative Office.
“The Banque Misr - S.A.E. - Kenya Representative Office is expected to play a catalytic role in strengthening the long-standing trade relationship between Egypt and Kenya,” the CBK noted.
According to the Banking Act in Kenya, the representative office will act as a marketing and liaison office for the parent bank in Egypt and will not be allowed to handle banking business.
Banque Misr is a state-owned commercial bank based in Egypt that has operations in the Middle East and Europe, as well as in Russia, Soth Korea, and China.