Banque du Caire launches Cairo Exchange
Updated 11/20/2022 8:16:43 AM
Arab Finance: Banque du Caire (BDC) (BQDC) has set up Cairo Exchange Company with an authorized capital of EGP 250 million and an issued and paid-up capital of EGP 100 million, according to an emailed press release on November 17th.
The bank has completed the establishment of its new arm after obtaining the approval of the Central Bank of Egypt (CBE).
This complements the financial services system offered by the bank as well as builds on its channels for selling and buying foreign currencies.
The board of directors of Cairo Exchange has Mohamed Ali as non-executive chairperson and Mohamed Ragai as Managing Director and CEO, in addition to Amr Maged, Mohamed Hosni, and Abdel Hamid Mortaga as non-executive board members.
Commenting on the establishment of Cairo Exchange, Chairperson and CEO of Banque du Caire Tarek Fayed said that the launch of the new company comes within the framework of the bank’s role in providing diverse financial services to expand its customer base and increase foreign exchange resources.
This comes in line with the plans of the government and the CBE to achieve the goals of financial inclusion of Egypt Vision 2030, Fayed added.
The new company adopts an ambitious plan to rapidly expand across all governorates, non-executive chairperson Mohamed Ali said.
Cairo Exchange plans to launch about 20 branches by the end of 2023 to bring the total number of its branches to 50 by 2025, Ali noted.
The company aims to launch five branches before the end of 2022, Managing Director and CEO Mohamed Ragai said
Two branches in Al-Rehab and Damanhour are set to be opened following the approval of the CBE to commence operation by the end of this month, Ragai pointed out.
He also added that another three branches of Cairo Exchange are being prepared for launch in Disouq, Sohag, and Hurghada, where work is scheduled to commence prior to the end of 2022.
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