Saudi Arabia’s Cabinet issued a deci
sion on Tuesday that it approved a licence for Egypt’s state lender Banque Misr to open a branch in the kingdom.
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prime Minister, chaired the Cabinet’s virtual session, Saudi Press Agency (SPA) reported.
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Banque Misr had been reportedly in negotiations with the Saudi Central Bank (SAMA) to obtain a license to open a branch in the Gulf country.
The Egyptian lender also aims to open a new office at Dubai World Trade Centre and open two new branches in South Korea and Italy in the upcoming period, along with its branch in Kenya.
Banque Misr also plans to provide factoring services through its financial leasing arm, BM Lease.
