Banque Misr to establish first representative office in Kenya

Banque Misr is in the process of applying for licensing to establish a rep office in the Kenyan capital of Nairobi, Vice Chairman Akef El Maghraby told the local press. The bank has already received regulatory approval from the Somali Central Bank to establish a representative office in Mogadishu, and El Maghraby said the bank hopes the Nairobi office will serve as the headquarters for itsplanned expansion into East Africa. Chairman Mohamed El Etreby had previously said that Banque Misr, the second-largest state-owned bank, plans to open either branches or rep offices in Kenya, Somalia, and Djibouti.

Private-sector flag carrier CIB has already entered Kenya with its acquisition of a majority stake in the country’s Mayfair Bank. CIB confirmed the acquisition earlier this year.