The Central Bank of Egypt (CBE) has given preliminary approval for Standard Chartered to enter the Egyptian banking sector, CBE deputy governor Gamal Negm told state-owned Middle East News Agency yesterday.
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The British bank will open its first local branch by September at the latest and plans to establish a second branch in Alexandria in 2023, Negm said.
The bank has repeatedly tried in recent years to expand into the Egyptian market by acquiring local banks. The bank’s entry has not yet been confirmed by an official source. EFG Hermes’ chief MENA economist Mohamed Abu Basha was on hand to provide the analysis (watch, runtime: 9:03).
