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Banque du Caire sets up Cairo Exchange with EGP 250m authorised capital

Banque du Caire sets up Cairo Exchange with EGP 250m authorised capital
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Cairo – Mubasher: Banque du Caire concluded the establishment of the Cairo Exchange Company with an authorised capital of EGP 250 million and an issued and paid-up capital of EGP 100 million, after obtaining the Central Bank of Egypt’s (CBE) approval.

The establishment of Cairo Exchange comes within the framework of Banque du Caire’s role to provide a range of diverse financial services that expand the bank’s customer base and increase foreign exchange resources, in tandem with the state and CBE’s plans to achieve the goals of financial inclusion in the framework of Egypt’s Vision 2030, Ahram Gate reported.

In addition, it reflects Banque du Caire’s leadership and its role in supporting the Egyptian economy.

The exchange company intends to open five branches before the end of this year. Scheduled to start work at the end of this month, two branches are planned to open in Al-Rehab and Damanhour after getting the CBE’s go-ahead, whilst three branches are being prepared in the regions of Disouq, Sohag, and Hurghada to launch before the end of 2022.

In the first half (H1) of 2022, Banque du Caire reported standalone net profits after tax worth EGP 1.84 billion, up from EGP 1.81 billion during the same period a year earlier.