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Banque Misr, Egypt’s second-largest bank, has announced plans to enter the Kenyan market as it seeks lending deals in East Africa and serving Egyptian firms operating in the region.
To fund the Kenya expansion the state-run bank plans to borrow $250 million from international lenders this year. The Kenyan expansion will also coincide with planned entry into Somalia and Djibouti.
“We are in talks with two international institutions on loans with competitive interest rates,” said Mohamed Eletreby, Banque Misr chairman.
Mr Eletreby added that Banque Misr could enter Kenya through setting up branches or representative offices.
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The bank has branches in the UAE and France, as well as units in Lebanon and Germany and representative offices in China, Russia, South Korea and Italy.
The Banque Misr announcement marks the latest declaration of interest by an Egyptian lender to enter …
