Egypt’s second biggest lender, Banque Misr has obtained on Tuesday a licence to operate a representative office in Kenya, pursuing trade finance deals in East Africa and a chance to serve Egyptian firms operating in the region.
Central Bank of Kenya governor Patrick Njoroge
Central Bank of Kenya’s (CBK) governor Patrick Njoroge said that the bank will operate in Kenya under the name Banque Misr-S.A.E.- Kenya Representative Office.
The bank also said it would borrow $250 million (Sh29.7 billion) from international lenders to fund the Kenya expansion.
The representative office expected to play a pivotal role in strengthening the long-standing trade relationship between Egypt and Kenya, added the CBK in a statement.
Banque Misr’s officials had applied a year ago for the licence in Kenya alongside similar bids in Somalia and Djibouti.
Banque Misr now becomes the second Egyptian bank with a presence in Nairobi after Egypt’s largest private lender Commercial International Bank bought a controlling stake in Kenya’s Tier-III Mayfair Bank in 2020, according to CBK’s statement.
Last month, the bank has received an approval from Somalia, which making it the first foreign bank to operate in the country.
Kenya has witnessed renewed interest by global banks since the CBK lifted a licensing moratorium in March 2017.
