Economics

El Etreby says our presence in Russia targets enhancing joint ties

CAIRO – 30 October 2017:The Chairman of Banque Misr Mohamed el Etreby stressed the depth of the Egyptian-Russian relations in various fields, pointing out to trade exchange between the two countries which reached 3.2 billion dollars from January to August 2017.
This entails the presence of the bank there, he noted, adding that it is considered the first Egyptian bank to be inaugurated in Russia.
El Etreby told MENA that the bank targets expanding in Moscow where Russian and foreign financial institutions are present the matter which facilitates communication between the representation office of Banque Misr and these institutions.
The chairman underlined that the bank's presence in Russia enhances ties with correspondent banks in Moscow so as to finance bilateral trade, adding that such presence provides consultations for Egyptian businessmen and firms that import or export from Russia.
The presence of the bank offers also services and consultations for Russian businessmen working in Cairo where 416 Russian companies do business in Egypt with a capital that exceeds 60 million dollars, he affirmed.
Services for the Russian firms working in UAE and Lebanon are also provided via the branches of the bank there, he underscored.
El Etreby revealed that during the coming phase the bank's strategy targets inaugurating branches in South Korea and Africa.

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