Over the past years, the banking sector in Egypt was strong and stable and showed capability of handling several crises, added the Bank in a press release, a copy of which was obtained by MENA on Thursday.

That was the reason behind the Bank's decision to tap the Egyptian market at present, it noted.

British lender Standard Chartered is poised to open its first fully fledged branch in Egypt after securing an in-principle approval from the Central Bank of Egypt (CBE) on September 27, 2021.

Standard Chartered is currently complying with the Egypt banking regulator's requirements, which will allow it to secure the final approval required to open the branch, it said on Thursday.

“The move comes in light of the resilience and strength of the Egyptian economy,” the lender said. “The banking sector has experienced great stability during the past few years, which enabled it to seamlessly manage various challenges.”

The first branch is expected to open in Cairo in September, MENA reported on January 24, quoting CBE deputy governor Gamal Negm.