Egypt's oldest bank sets up base in Chinese port city

Egypt's oldest bank has officially opened its Guangzhou office in Guangdong province to help promote trade and financial activities between the two countries.

Banque Misr chairman Mohamed El Etreby said the new Guangzhou office was a starting point to further expand co-operation of financial industry between China and Egypt.

"Egypt is an important gateway for banks and financial companies from China to enter into African continent," Etreby said at the office opening ceremony on Thursday.

"We never want to compete with other foreign and local banks on the mainland, but we will provide supplementary financing services and products to our customers," Etreby told China Daily on Thursday.

Banque Misr, the second largest bank in Egypt, has recently signed a series of co-operative agreements with major Chinese banks and financial organizations to provide financial solutions and financing activities to local and Egyptian small and middle enterprises in the future.