FOCUSING ON STRENGTHS

Banque Misr has been upgrading its IT systems to bring all its branches online

Established in 1920 with 100% Egyptian capital, Banque Misr is the country’s second largest bank, with assets close to $15 billion and 450 branches. Along with Egypt’s other public sector banks, the management of the Banque Misr has been privatized and restructured in a move to improve its efficiency and competitiveness.

The board’s mission is to further develop the bank’s position in the domestic and international market. “There is great potential in the bank that we are seeking to capitalize on,” says Mohamed Kamal El Din Barakat, the bank’s Chairman. “We are focusing on our strengths, chiefly our extensive branch network. On the retail side, we are developing existing products and launching new ones, while at the same time developing the business on the corporate side.”

A pioneer in adopting the use of IT in the sector and the first to launch credit cards on the market, Banque Misr has been upgrading its systems to bring all its branches online, and implementing training initiatives to improve staff skills.

From its inception, the bank has been involved in investing in industrial projects, financing major projects such as the Cairo underground, the power sector, mobile networks, and the cotton trade. The bank has a presence in Europe through a branch and a subsidiary in Paris and Frankfurt, and a 27-branch network bank in Lebanon.

One of its current target sectors is petrochemicals. “We have a number of projects in the fertilizer industry because it is export oriented, and we are studying proposals to expand in this area,” says Mr. El Din Barakat. “Another sector we are interested in is the cement and steel industries, both of which are doing well.”