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Central Bank of Egypt mulls re-opening door for licensing international banks' branches

MENA , Ahram Online , Tuesday 18 Dec 2018
Central Bank
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. (Reuters)
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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.

An official source from CBE told MENA Tuesday that 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 light of the huge network of relations which international banks have with heavyweight international investors, companies and institutions.

 

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