Banque Misr signs agreements worth $1 billion with Chinese groups
On 18 December, Egypt’s Banque Misr signed an agreement for $500 million with Sinosure. At the same time the bank also signed a memorandum of understanding of the same value with the Industrial and Commercial Bank of China.
Deputy Chairman of Banque Misr Akef al-Maghraby signed a framework agreement worth $500 million with the China Export & Credit Insurance Corporation (Sinosure).
Banque Misr also signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC), also worth $500 million. The bank aims to prop up dollar liquidity through the foreign loans, to meet clients' demands for funding for joint Chinese-Egyptian projects.
Furthermore, Banque Misr has obtained approval from the People’s Bank of China, the Chinese Central Bank to launch a representative branch in China, which will be located in Guangzhou. The bank is furthermore finalizing its representative branch in Russia, which will make it the first Egyptian bank to be represented in Russia.
Through the establishment of branches in different countries, Banque Misr seeks to support trade exchange and deepen economic relations, in addition to consolidating the bank's network internationally.
Banque Misr has the largest network of branches in Egypt, with 577 branches spread out across all the country's governorates. The bank also has branches in the UAE, Lebanon, Paris, and Frankfurt.