In coordination with the Central Bank of Egypt (CBE), state-owned banks are currently setting up a plan to enter into Gulf markets, where there are Egyptian communities and workers to promote remittances and benefit from growth opportunities in these markets. During the Cabinet Economic Group’s meeting, a few weeks ago, CBE Governor Tarek Amer said there is a trend to open branches for state-owned banks in some Arab countries, which will lead to increasing Egyptians’ remittances as part of an initiative to support and strengthen foreign reserve. Banque Misr Chairman, Mohamed al-Etribi, said his bank aims to open branches in Kuwait and Bahrain. He added Banque Misr has good presence in Emirates (five branches), Lebanon (19 branches). National Bank of Egypt (NBE)’s Vice Chairman Mahmoud Montasser said his bank is currently identifying the target countries, which may be topped by Saudi Arabia, given investing opportunities and the increasing number of Egyptians working there. (Al Mal)