Banque Misr has submitted a request to relevant authorities to obtain a digital bank license, Chairman Mohamed El-Etreby told Asharq Business on July 18th.

The authorized capital of the yet-to-be-established digital bank amounts to EGP 2.5 billion, and its paid-up capital will be EGP 2 billion, El-Etreby revealed.

He added that his lender has already received offers from foreign investors to be partners in Banque Misr’s digital bank.

Banque Misr will also inaugurate a branch in Saudi Arabia in September, El-Etreby said.

On July 12th, the Central Bank of Egypt (CBE) introduced new rules for licensing and registering digital banks.

 

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