(Ecofin Agency) - Bank Misr, the second public bank in Egypt, plans to raise $550 million from international banks, before the end of the 2018 fiscal year, to boost its dollar reserve, Reuters reported on November 11, 2018, citing the bank’s vice-president Akef El Maghraby.

The American bank Citibank and the Emirati National Bank of Dubai (NBD) were chosen to arrange this operation, the same source revealed.  

Late October 2018, Banque Misr raised $370 million by selling 2% of its stake in the Saudian financial services group Samba Financial Group.

In 2017, the Egyptian banking giant raised $1 billion from four foreign financial institutions, namely, China Development Bank ($500 million), African import-export bank ($200 million), Credit Suisse ($250 million) and Abu Dhabi Islamic Bank ($50 million).