The Banking Executive Magazine - August Issue 2022

BANQUE MISR TO SET UP REPRESENTATIVE OFFICE IN KENYA Banque Misr has obtained the ap- proval of the Central Bank of Kenya (CBK) to establish there a representative office, the CBK re- vealed in a press release on August 2nd. The office will be set up under the name of Banque Misr- S.A.E – Kenya Representative Office. “The Banque Misr - S.A.E. - Kenya Representative Office is expected to play a catalytic role in strength- ening the long-standing trade rela- tionship between Egypt and Kenya,” the CBK noted. According to the Banking Act in Kenya, the representative office will act as a marketing and liaison office for the parent bank in Egypt and will not be allowed to handle banking business. Banque Misr is a state-owned com- mercial bank based in Egypt that has operations in the Middle East and Europe, as well as in Russia, Soth Korea, and China. National Bank of Egypt TO OPEN ITS FIRST BRANCH IN SOUTH SUDAN The National Bank of Egypt (NBE) opened its first branch in Juba, South Sudan with a capital of $30m. Deputy Chairperson of the NBE Yahya Aboul Fotouh said that the bank’s presence in Juba achieves more cooperation and development in Africa. The bank’s presence in Africa will provide various banking and advi- sory services to Egyptian companies that aim to invest in the African mar- ket to enhance import and export be- tween the various countries of the continent, which in turn is reflected on the Egyptian economy and na- tional product. Aboul Fotouh added that the bank owns a network of branches and for- eign representative offices, repre- sented in two branches in China and the US, and three representative of- fices in Ethiopia, South Africa, and the UAE. This is in addition to two affiliated in- stitutions in the UK and Sudan and a network of correspondents in more than 80 countries around the world. In October 2021, the Saudi Council of Ministers agreed to grant the NBE a license to open a branch of the bank in the kingdom after the NBE obtained a permit from the Central Bank of Egypt (CBE). Aboul Fotouh stressed that the exter- nal expansion of the bank’s network of branches and institutions reflects the confidence and credibility that various financial institutions have in the bank, pointing out that the NBE always seeks to seize opportunities in promising markets, especially in Africa and the Arab region. With that, it aims to gain a new base of customers and meet and support the needs of thousands of Egyptians working in these markets. This will contribute to supporting their remit- tances in addition to deepening co- operation between the countries of the continent and exchanging differ- ent experiences in the two banking sectors. the BANKING EXECUTIVE 18 ISSUE 164 AUGUST 2022