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Banque Misr precedes Egyptians to Russia - Daily News Egypt

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Banque Misr precedes Egyptians to Russia

Some of Russian banks can consider opening a small representation office to start studying the market, says Orlov


Banque Misr inaugurates a representative office in Russia, according to Akef El Maghraby Vice Chairman.

El Maghraby said in press statements that next month the bank will be inaugurated after finalising all necessary measures and procedures to open the branch.

“Banque Misr, the Egypt’s second largest bank after National Bank of Egypt, is in the process of setting up representative offices in South Korea, Somalia, Kenya and Beijing”, El Maghraby noted.

However, Banque Misr is the only Egyptian bank presented in Russia, which will be the most favoured among the Egyptian banks, who can benefit from the transfer or withdraw money during the World Cup in Russia in 2018.

From his part, Chairperson of the Russian-Egyptian Business Council Mikhail Orlov told Daily News Egypt that so far there is no major Egyptian presence in Russia, adding that the only noticeable sign is the fact that Banque Misr opened a small representative office in Moscow recently.

He called other Egyptian banks to launch new branches in Russia to serve Egyptians there and also make use of the World Cup event.

Regarding launching offices for Russian banks in Egypt, Olov noted that there is no information that Russian banks are actively considering launching operations in the Egyptian market.

He forecasted that some of these Russian banks, though, can consider opening a small representation office to start studying the market.

After the absence of 28 years of participation in the World Cup, Egypt national team did it and spread joy among Egyptians to end those years of waiting.

On 8 October, Egypt defeated Congo 2-1. Accordingly, Egypt will participate in world cup in Russia in 2018, since then Egyptians have showed great interest in Russia; the words spreading on search engines include ‘hotels in Russia’, ‘tourist areas in Russia’, ‘money transfer Russia’, ‘banks in Russia’.

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