Back to the complete issue
Wednesday, 3 August 2022

Banque Misr to open representative office in Kenya

Banque Misr is entering Kenya: Banque Misr is set to open a representative office in Kenya after receiving regulatory approval from the Central Bank of Kenya, according to a statement (pdf) from the central bank yesterday. The move will play a “catalytic role in strengthening the long-standing trade relationship between Egypt and Kenya,” the central bank said.

It’s not allowed to do actual banking, though: Representative offices are not allowed to provide banking services and can only act as marketing and liaison offices for their parent banks.

It will be doing banking in Somalia: The decision by the Kenyan central bank comes a few weeks after Somalia handed the state-owned bank a banking license, allowing it to become one of the first international banks to operate in the country.

Banque Misr’s international footprint: Banque Misr currently has branches in the UAE, France, Germany and Lebanon, and representative offices in Russia, China, Italy and Korea.

Appetite for Africa: CIB, Egypt’s largest private-sector bank, has a full bank license in Kenya and has opened a rep office in Ethiopia.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.