Banque Misr is arranging a number of syndicated loans worth EGP2bn for projects in the industry sector, according to chairperson of the bank, Mohamed El-Etreby. The loans are still under negotiation and subject to confidentiality agreements. The loan book of Banque Misr jumped to EGP108bn as of June 2016, compared to EGP63bn in June 2015. The bank is targeting to increase its loan book by c.31% in the current fiscal year ending in June 2017, El-Etreby said. Customers’ deposits reached EGP340bn in June 2016, up 19% compared to June 2015, with an expected increase of 25% by June 2017. El-Etreby further stated that the bank is in talks with an international financial institution to obtain a loan worth USD300mn, expected in two months, to support its USD liquidity and meet the foreign exchange needs of its customers. He noted that Banque Misr had obtained the approval of the central banks of Russia and China to launch two representative offices in Moscow and Guangzhou. Both offices are expected to open before end of this year. Moreover, the bank is planning to expand its branch network in Lebanon, develop its branches in the UAE and requested to establish a branch in Bahrain. (The Daily News Egypt)