Central Bank of Somalia earlier announced that it has opened its doors for foreign banks
CAIRO (SomaliUpdate Online) Egypt's second largest bank, state-owned Banque Misr is planning to set up its first presence in Somalia, following years of conflict, the Amwal Alghad reports.
According to news reports the state-owned bank will launch further expansion but this time in Africa by inaugurating three representative offices in the coming two years.
The bank seeks to set up the representative offices in Somalia, Kenya, and Côte d’Ivoire in the coming two years, Banque Misr’s vice chairman Akef El Maghraby told Amwal Al Ghad on Saturday.
The new expansion comes in line with the Egyptian government’s national plan to boost trade exchange and promote exports to the African markets, El Maghraby noted.
Banque Misr has recently opened its representative office in China in Guangzhou city, aiming to help promote trade and financial activities between the two countries.
Somalia, once known as failed state due to anarchy, terrorism and piracy activities is now recovering as new government takes power following elections in February.
In mid 2015, the international payment network MasterCard announced that it has became first to enter Somalia and issues credit cards after partnering with Premier Bank, a Mogadishu-based private bank.
The Central Bank of Somalia earlier announced that it has opened its doors for foreign banks to invest and open branches in Somalia.
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