President of Banque Misr Al Arabia: The launch of the Saudi branch at the end of the year … and the digital bank next year

Banque Misr boss Mohamed El-Etreby expressed hope to open the bank’s first branch in Riyadh by the end of questyear, underlining that the bank will proceed quickly with the procedures.

Al-Etribi said in an interview with Al-Arabiya that communication is taking place Regarding the organization of the work of the branch in Saudi Arabia.

On the other hand, El-Etreby said that Banque Misr has not yet obtained a license for the digital bank, but expects this to happen in the first quarter of 2022, including obtaining the license and opening.

El-Etreby explained that the digital bank will be owned by a majority stake in Banque Misr, but its management will be separate.

He stressed that the vision is concentrated in future towards financial technology and digital banking, and the digital bank will complete Banque Misr’s journey as a commercial bank.

As for the billion-dollar loan, El-Etreby said it will primarily be used to meet any needs future in strong currency, in the context of the bank’s willingness to inject funds and in the context of keeping pace with expected economic growth in Egypt.

Interestingly, Banque Misr was among the shareholders who sold a 15% stake in “E-Finance”, which has concluded two public offers and private with an offer of 5.8 billion pounds.

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