Banque Misr remains undecided on whether to establish an independent mortgage financing arm

Banque Misr has yet to decide whether it will establish an independent mortgage financing arm, and is looking into the possibility of adding mortgage financing services to the already-established BM Lease, Chairman Mohamed El Etreby told Al Mal on Monday. Unnamed bank officials had said last year that management found the decision untimely and decided instead to opt for the latter option under the central bank’s EGP 20 bn Mortgage Finance Fund. El Etreby had first announced the bank’s plan to set up the mortgage financing arm last May.