Egypt's state-run banks to open branches in Saudi Arabia

Riyadh – Mubasher: The Egyptian government has submitted a request to the Saudi Arabian Monetary Authority (SAMA) to issue banking licences to open branches for the biggest state-run banks, namely the National Bank of Egypt (NBE) and Banque Misr in the kingdom.

The Saudi authorities welcomed Egypt’s request subject to applicable regulations, Al Eqtisadiah newspaper reported on Tuesday.

The two banks are the largest in Egypt’s market, while the NBE acquires the biggest stake in the banking sector.