Banque Misr plans 2 new offices in India, Tanzania

CAIRO – 27 August 2017: State-owned bank Banque Misr is currently studying opening offices in India and Tanzania in 2018, the bank’s Deputy Chairman Akef Maghraby said Sunday.

Speaking to Egypt Today, Maghraby said the branches will likely be in India’s capital New Delhi and Tanzania’s capital Dodoma.

The new offices come as part of the bank’s expansion plan in Asian and African countries, with the aim of increasing Egypt’s bilateral trade with them.

Deposits portfolio at Banque Misr increased to LE 439 billion by the end of May, becoming the second largest bank in Egypt in terms of deposits.

Banque Misr is expected to achieve 20 percent growth in deposits in fiscal year 2016/2017, Maghraby said in previous statements.

In May, Banque Misr signed an agreement with China Development Bank Corporation (CDB) to provide a $500 million eight-year loan.

“The agreement is credit positive for Banque Misr, whose foreign-currency liquidity will increase,” International rating agency Moody’s said in a report at the time.