Egypt’s second-largest lender Banque Misr has acquired a license from the Central Bank of Kenya (CBK) to operate a representative office in Nairobi, the bank announced in a statement on Tuesday 9/8/2022.
The bank’s success in obtaining CBK’s final approval is part of a strategy followed by Banque Misr to consolidate its foothold at the regional as well as international levels, according to the statement.
The new branch will be active within three years after the license issuance date, the bank noted.
According to Business Daily Africa, Banque Misr now becomes the second Egyptian bank with a presence in Nairobi—after Egypt’s largest private lender Commercial International Bank bought a controlling stake in Kenya’s Tier-III Mayfair Bank in 2020.
With branches already operating in the UAE, France, Lebanon, and Germany; and representation offices in China, Russia, South Korea and Italy, Banque Misr is now working on expanding its foothold in the Middle East region by opening new branches in Saudi Arabia, Djibouti, and Somalia.
Source: State Information Service Egypt