Egypt is considering selling a stake in Banque Misr to a strategic investor in 2024, the bank’s Chairman Mohamed El-Etreby said in an interview with Asharq Business.

Negotiations on selling the bank have been in the process for years, El-Etreby noted, adding that closing the deal is currently being coordinated.

In terms of scaling up the investment plan, the bank has been working on establishing an independent digital bank for three years, El-Etreby said, expecting the launch of the bank in the Egyptian market in the first quarter (Q1) of 2024.

He also anticipates opening a branch of the bank in Riyadh soon, pointing out that all the related regulatory procedures were finalized.

Likewise, the National Bank of Egypt (NBE) is seeking to launch a branch in Riyadh, he added.

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