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

Banque Misr awaits SAMA’s approval to open new branch in KSA
The Egyptian lender also aims to open a new office at Dubai World Trade Centre

By: Islam Fadl

Cairo – Mubasher: 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.