Cairo – Mubasher: Banque du Caire has inaugurated a new representative office in the UAE to cement its external presence in accordance with its ambitious strategy to expand regionally and support trade.
This aims at boosting mutual investments in the UAE and the GCC states as well, in addition to encouraging trade between Egypt and the GCC, the bank’s chairman and CEO said on Tuesday.
The opening of the UAE office will also attract Arab investments to Egypt, fund trades, and lure remittances from Egyptians abroad, Tarek Fayed added in a statement.
Fayed also noted that the bank’s office in the UAE will bolster the market share of remittances from Egyptian expats to 15% in light of the indicators of exchange rate stability.
Banque Du Caire has controlled 10% of total remittances from Egyptian expats living in the GCC states, he pointed out.
The Egyptian bank seeks to reinforce trade exchange between Egypt and African countries through Banque du Caire Kampala, which is currently being restructured to act as an entry platform for Africa, he said.
Earlier this day, a government source told Enterprise that Banque Du Caire could postpone its listing on the Egyptian Exchange (EGX) to the first quarter of 2020.
In December, Banque Du Caire chairman projected that the IPO would take place in 2019 within the framework of the state-run IPOs programme.
In August, a top official at the bank said that the lender could float a stake of up to 30% on the EGX.
