The bank managed to secure the initial approvals needed from both the Central Bank of the UAE as well as the Central Bank Egypt.
Wednesday 13, March 2019 BY KUDAKWASHE MUZORIWA
Egypt’s Banque du Caire (BDC) has opened its representative office in the UAE as a focal point through which the bank aims to strengthen its overseas presence.
The UAE office will assist in stimulating trade between Egypt and the GCC countries, attracting Arab and Gulf investments to Egypt, financing foreign trade operations and capturing remittances from Egyptian expats.
Tarek Fayed, the Chairman and CEO of BDC, said that the bank’s business strategy is not limited to the UAE market, but extends to oversee expansion with a focus on strengthening presence in the Gulf region as a first step.
Additionally, the lender has contracted with top exchange houses in Arab Gulf countries to attract and capture remittances from Egyptians expats, connecting the bank with this vital region.