Cairo Bank did not separate from Banque Misr, official

Head of the Board for Bank Misr Mohamed Barakat today confirmed that Banque Misr still owns Cairo Bank through the Egypt Company for Financial Investment.

Banque Misr is the second largest bank in the Egyptian market. Both Banque Misr and Cairo Bank are state-owned.

The Cairo Bank Board and Executive Administration are entirely separate from Banque Misr, Barakat underlined. They carry out all daily operational, banking and credit procedures.

However the state’s direct ownership of Cairo Bank is still carried out through Banque Misr.

The Egyptian Prime Minister Essam Sharaf appointed Barakat as the representative of public funds in Cairo Bank, but this did not preclude his activities at Banque Misr.