CBE mulls re-opening door for licensing int'l banks' branches

CAIRO - 18 December 2018: The Central Bank of Egypt board is mulling re-opening the door for licensing international banks' branches to join the Egyptian market in the coming period.

In statements to MENA on Tuesday, a CBE reliable source said the step will promote confidence in the Egyptian economy and the banking sector and contribute to boosting the sector's competitiveness.

The source noted that a number of international banks filed requests to join the Egyptian market.

He added that this will create a larger database of clients in the banking sector, especially in view of the huge network of relations which international banks have with heavyweight international investors, companies and institutions.