Emigration minister offering banking services to Egyptian expats

Minister of State for Migration Soha al-Gendy discussed on Sunday with board chairman of Banque Misr Mohamed al-Etribi the possibility of providing specialized banking and investment services to Egyptians abroad.

Talks also tackled the possibility of increasing remittances of Egyptians abroad, an important source of hard currency in Egypt.

Talks come as part of the ministry’s strategy to encourage Egyptians living abroad to increase their investments at home.

The minister expounded Egyptian expats’ recommendations that were floated during the third edition of Egyptian Entities Abroad conference, that was held in August.

She said the ministry will promote for the new savings and investment products during direct or video-conferencing meetings with Egyptian expatriates.

Etribi, on his part, said the bank is ready to provide all banking services to Egyptian expatriates, noting that the bank has more than 800 branches in Egypt, including five branches in the UAE.

The bank has also a branch in France, an affiliated bank in Germany as well as representative offices in Russia, China, South Korea and Italy, he added.

Soon, the bank will open a branch in Saudi Arabia, he said.

He uncovered real estate loans offered by the bank to Egyptians living in the UAE to help them buy residential units back home.

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