NBE, Banque Misr Acquire 40% of Western Union Egypt "IBAG"

The National Bank of Egypt investment arm "Al-Ahly Capital Holding", and Banque Misr inked an agreement on Wednesday to equally acquire 40% of the International Business Associates Group for Money Transfer (IBAG), Western Union's representative in Egypt.

Chairman of the National Bank of Egypt Hisham Okasha said that this step comes within the framework of the bank's efforts to integrate the target customers into the banking sector, as well as using official means to transfer funds in order to increase the flow of foreign currencies to Egypt, especially those transferred from the Egyptians abroad.

On his part, Chairman of Banque Misr Mohamed el Etribi praised the partnership aimed at integrating the informal transfer sector into the banking sector in Egypt and enhancing financial inclusion within the framework of the bank's role in supporting the Egyptian economy.

In the same context, Moustapha Sarhank, Executive Chairman of International Business Associates Group for Money Transfer Services (IBAG) expressed his appreciation for the merger deal with the two Egyptian banking giants, describing it as a 'qualitative leap in its Egypt operations'.

Sarhank added that the presence of representatives of the two banks on the company's board of directors will add a strategic direction to contribute to the national role that the company plays in terms of activating financial inclusion, in compliance with the Central Bank's strategy.

Jean Claude Farah, Head of the Global Network at Western Union stated that IBAG is one of the most oldest strategic partners in Egypt, pointing that Western Union's enjoys solid partnership that is based on innovation and dedication to providing high-quality services and excellent solutions for customers in Egypt,

"The new partnership will work to enhance financial inclusion and support digital transformation in Egypt in order to enhance the prospects for economic growth," Farah added.

Contributed by Ghada Helmy