İşbank takes steps to operate in Egypt

CAIRO

İşbank has applied for a banking license in Egypt and plans to become operational in 2013. İşbank had opened its Cairo office back in 2009.

Turkey’s İşbank has taken steps to obtain a banking license in Egypt and plans to start operations next year, according to Turkey’s honorary consul in Port Said.

The bank is expected to pump $100 million into the Egyptian economy once it becomes operational, said Adil el-Lemi, who is the president of the Turkey-Egypt Business Council’s Egypt Committee in addition to being Turkey’s honorary consul in Port Said.

İşbank, which has 22 branches in different countries around the world, is one of the strongest banks in Europe, el-Lemi said, adding that the lender’s entrance into the Egyptian market and the establishment of the Turkey-Egypt Business Council showed that the Egyptian economy was improving.

Turkey’s İşbank operated in the Egyptian city of Alexandra from 1932 to 1959. It opened its Cairo office in 2009 and is awaiting its banking license.