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Obtainining a licesnce for openning a branch in Saudi Arabia

The Council of Ministers of the Kingdom of Saudi Arabia approved granting Banque Misr – one of the largest and most prominent Egyptian banks – a license to inaugurate a branch in the Kingdom, on Tuesday, 6th April 2021. The Bank seeks to inaugurate branches and representation offices in several global locations, thus strengthening its worldwide presence; such as by expanding in the Middle East and Africa region over the next five years.

Currently, Banque Misr is in the process of establishing a presence for itself in Somalia (Mogadishu), Kenya (Nairobi) and Djibouti (Djibouti), where indeed, preliminary licenses were granted by local authorities and work is under way for erecting the Bank’s premises. Moreover, the Banque Misr Lebanon representation office in the Ivory Coast will be transformed into a subsidiary branch; with the Bank continuing to maintain an extensive network of correspondent banks overseas, which allows it to swiftly render services to its customers as efficiently as possible.

In inaugurating permanent branches and offices overseas, the Bank seeks to support commercial exchange and strengthen economic relations, in addition to enhancing its presence in external markets. As such, Banque Misr maintains five branches in the United Arab Emirates, a branch in Paris, two subsidiary banks in Germany and Lebanon and four representation offices in China (Guangzhou), Russia (Moscow), South Korea (Seoul) and Italy (Milan).

The Bank continuously seeks to differentiate its services from those of the competition, while maintaining its long-standing success and staying true to its values and strategies, which are founded on achieving sustainable development and prosperity for Egypt.