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Banque Misr launches representative office in Russia to enhance Russian-Egyptian relations

Chairman of Banque Misr Mr. Mohamed Eletreby inaugurated Banque Misr's first representative office in Russia in the capital Moscow. The inauguration was attended by Ambassador of Egypt to Moscow Dr. Mohamed Elbadry, as well as Mr. Nasser Hamed, Minister Plenipotentiary of Commerce and Head of the Commercial Office at the Egyptian Embassy in Moscow, in addition to Vice-President of the Association of Russian Banks Mr. Elman Mekhtiev and  President of Russian-Egyptian Business Council Mr. Orlov Mikhail.

Also present were representatives of Banque Misr, including Vice Chairman Mr. Akef El Maghraby, Head of the Treasury and Correspondent Sector Mr. Effat Ishak, Head of Communications Dr. Fatma El-Goully, and General Manager for Foreign Branch Support Mr. Ehab Mekkawi, along with a number of public and banking figures in Russia.

Russia was prioritized as the latest location for Banque Misr's international presence in the framework of the existing strategy to expand the bank's foreign presence into new markets. The decision moreover stemmed from the depth of bilateral relations between Egypt and Russia, in light of both countries' great civilizational histories. The history of diplomatic relations between the two countries dates back to 1784, when the first Russian consul was appointed in Alexandria, placing the cornerstone in a long history of mutually beneficial relations, whether diplomatic, economic or trade relations.

Further, the selection of Moscow as the location of the representative office was based on its position as a hub for Russian and international financial and business institutions, thereby facilitating communication between Banque Misr and these institutions.

Banque Misr's representative office is considered the first and only Egyptian bank represented in the Russian banking market. Through the office, Banque Misr seeks to have coverage in Russia as well as the Commonwealth region via its presence in Moscow.

Banque Misr deals with and exchanges direct and indirect bank facilities with the largest banks in Russia, covering mutual banking transactions in various fields. Foremost among these is the financing of mutual trade between both countries, in the form of credits, documentary receipts and letters of guarantee.

By establishing the representative office, Banque Misr seeks to build, coordinate and facilitate channels of communications between the various sectors and the bank's units in Egypt, as well as its branches and units abroad, particularly for those with interest in business in Russia. As well, the bank seeks to consolidate relations with Russian correspondent banks by expanding the size of business and increasing the number of correspondent banks, paving the way for further business opportunities.

Banque Misr provides a comprehensive range of banking solutions, at the top of which is providing credit to a large number of clients with business relations in Russia. The bank seeks for its representative office in Russia to act as a link that contributed to providing a distinctive service in the Russian market.