Establishing National Bank of Egypt branch in New York

The board of directors of the National Bank of Egypt started executive steps for establishing a branch of the bank in New York after receiving consent of the US Federal Reserve to establishing this bank-- to be the first Egyptian bank to start its activities in the US market.

A press statement issued by the bank said the license from the US allows changing the name of the US - Arab Bank bought by the National Bank of Egypt at a cost of nearly $22.5 million one and half years ago to a branch of the national bank, which will serve Egyptian exporters to the USA and businessmen participating in economic and commercial projects with US businessmen.