Egyptian Bank To Set Up In China

CAIRO-BASED NATIONAL BANK OF EGYPT, the largest commercial bank in the North African country, will assert its presence in China by opening a branch in Shanghai in 2007, according to the Dubai-based al Bayan daily. If it happens, it would be a unique reversal of movement of business between Africa and China. Chinese companies are widely reported as moving to Africa and not vice versa. “We applied for a license to open a branch in May 2006 to the Chinese authorities and we expect to start operations in 2007,” the newspaper quoted Taaref Naaour, head of the bank’s representative office, which was established in 1999 in Shanghai.