Banque Misr awaits SAMA’s approval to open new branch in Saudi Arabia

The Egyptian lender also aims to open a new office at Dubai World Trade Centre

  
People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, September 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo –  Banque Misr is in talks with the Saudi Arabian Monetary Authority (SAMA) to obtain a licence to inaugurate a new branch in the GCC kingdom, the bank’s vice chairman Akef El-Maghraby said.

The Egyptian lender also aims to open a new office at Dubai World Trade Centre and open two new branches in South Korea and Italy in the upcoming period, along with its branch in Kenya, El-Maghraby added on the sideline of the annual Arab Banking Conference on Sunday.

Banque Misr also plans to provide factoring services through its financial leasing arm, BM Lease, he noted.

Source: Mubasher

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