Banque du Caire acquires 10% of IBAG, Western Union’s first agent in Egypt, by purchasing a stake from Al Ahly Capital Holding, the National Bank of Egypt’s investment arm, and Banque Misr.
Banque du Caire decision to join IBAG brings the total share of the three banks to 40%, while the original shareholder “Sarhank Group” percentage remains at 60%.
This strategic partnership extends to the participating banks’ existing remittance services for Egyptian expatriates and IBAG’s reach in receiving foreign remittances.
“The partnership with IBAG offers a platform to integrate with the non-banking financial sector and is a step towards digital transformation. This partnership allows us to benefit from IBAG’s money transfer services, providing customers with a time-efficient effortless method through any of the IBAG counters within the bank’s branch network. National Bank of Egypt customers can expect fast transfers and receipts, distinctive exchange rates, and various banking services that support digital transformation. This includes opening accounts, buying certificates and deposits in addition to the bank’s digital banking services, such as electronic wallets and internet banking services,” states Okasha.
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