Banque Misr, NBE acquire 40% of stocks of Western Union's representative in Egypt

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Thu, 26 Nov 2020 - 12:21 GMT

Banque Misr -Creative Common via Wikimedia

Banque Misr -Creative Common via Wikimedia

CAIRO - 26 November 2020: Banque Misr and Al Ahly Capital Holding Company (ACH), investment arm of the National Bank of Egypt, inked an agreement on Wednesday to equally acquire 40 percent of the stocks of the International Business Associates Group for Money Transfer (IBAG), the Western Union's representative in Egypt.


In statements, Chairman of Banque Misr Mohamed el Etribi hailed the partnership that aims at merging unofficial transfer sector into the banking sector in Egypt as well as enhancing financial inclusion as part of the bank’s role to support the Egyptian economy.


Chairman of the National Bank of Egypt Hisham Okasha said that the move comes within the bank’s efforts to merge customers targeted into the banking sector as well as using official means for transferring funds in order to increase the flow of foreign currency into Egypt especially transferred by Egyptians working abroad.

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