Banque du Caire, BDC, has launched its new representative office in the UAE as a focal point through which the bank aims to strengthen its overseas presence in line with an ambitious strategy from the Board of Directors to achieve regional expansion and boost foreign trade.
Tarek Fayed, Chairman and CEO, emphasised the importance of opening the UAE Rep Office to maximise joint investments across the UAE in specific and GCC in general. The UAE office contributes to not only stimulating trade between Egypt and the Arab Gulf countries but also, attracting Arab and Gulf investments to Egypt, financing foreign trade operations, as well as capturing remittances from Egyptian expats.
BDC has also contracted with top exchange houses in Arab Gulf countries to attract and capture remittances from Egyptians expats and further connect the bank with this vital region to enforce BDC’s overall plans aimed at supporting Egypt’s economic and commercial growth activities at the regional level.
Fayed also praised the substantial support of the Central Bank of the UAE to speed up the process of obtaining the operating license for the Rep Office in a very quick and short timeframe, which reflects the solid and strong relationship between the two countries.