Banque Misr in talks to borrow USD 650 mn

Banque Misr is in “advanced talks” with international lenders to secure USD 650 mn in funding, Chairman Mohamed El Etreby told Bloomberg’s Mirette Magdy. El Etreby expects the agreements to be signed in March. Also, while Banque Misr is planning on issuing international bonds, it will not do so soon, El Etreby says. He adds that Banque Misr has secured central bank authorization to set up representative offices in Italy, South Korea, and Kenya this year.