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Thursday, 24 October 2019

Egypt's FRA awards Banque Misr non-banking financial activities licence

Doaa A.Moneim , Sunday 18 Aug 2019
Banque Misr
A file photo of Banque Misr in Cairo (Photo: Ahram Arabic)
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Egypt's Financial Regulatory Authority (FRA) has awarded Banque Misr an investment banking licence which allows it to exercise promotional activity and cover underwriting activities in the EGX.

FRA chairman Mohamed Omran declared that this licence allows the bank to carry out these activities without needing to establish a new company for that purpose.

Last week, the FRA awarded the National Bank of Egypt the same licence as part of a policy adopted by Egypt’s banking system to ease procedures to engage in non-banking financial activities in the domestic market.

This policy is part of the government’s push towards improved performance in implementing the Initial Public Offerings Programme.

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