This archive report was first published on 12 July 2021.
On July 12, 2021, Egypt's second-largest bank, Banque Misr, announced its plans to enter the Kenyan market by applying for a Central Bank of Kenya (CBK) licence.
The State-run bank aims to ride on the billions in annual trade between Egypt and Kenya to gain market share, focusing on trade finance and lending deals in East Africa.
According to reports, Banque Misr has also applied for similar licences in Somalia and Djibouti, with plans to open either branches or representative offices in these countries.
The bank's vice chairman, Akef El Maghraby, announced the move at a business forum held in Egypt, stating that the lender would borrow Sh27 billion ($250 million) from international lenders to fund the Kenya expansion.
Kenya has witnessed renewed interest by global banks since the CBK lifted a licensing moratorium in March 2017, with other lenders, including America's largest bank JPMorgan Chase & Co., expressing interest in the Kenyan market.
