(Ecofin Agency) - Managers of the Egyptian state-owned Bank Misr renewed their commitment to the expansion of the group in many regions around the world, Sub Saharan Africa included. In the framework of this expansion, a representative office could be opened in Kenya this year.
The project is not new since it has been mentioned in many of the bank’s yearly reports since 2016; the aim being to penetrate new markets and tap into the banking sector that has a high-growth potential in the regions. It is also aimed at tapping into the ever-increasing Egyptian projects in Africa.
Another Egyptian bank which launched its African expansion is EFG Hermes. In November 2018, the bank indicated that it expected to obtain an investment banking licence in Nigeria, the most populous country in Africa.