Banque Misr, Al Ahly Capital acquire 40% stake in IBAG for money transfer

Mohamed El Etreby, Chairperson of Banque Misr, said that this partnership is a step towards merging the informal transfers sector into the banking sector

Banque Misr and Al Ahly Capital Holding (ACH), the investment arm of the National Bank of Egypt (NBE), jointly concluded an equity acquisition, equally split amongst the two, of a 40% stake in the International Business Associates Group (IBAG) for money transfer services, which is the agent of Western Union International in Egypt.

Mohamed El Etreby, Chairperson of Banque Misr, said that this partnership is a step towards merging the informal transfers sector into the banking sector and enhancing financial inclusion, in line with the directives of the Central Bank of Egypt.https://dailynewsegypt.com/2020/11/26/banque-misr-al-ahly-capital-acquire-40-stake-in-ibag-for-money-transfer/

Hisham Okasha, Chairperson of NBE and ACH, said that the deal comes in an endeavour to conduct financial transfers by official means, which contributes to increasing foreign exchange flows in general and money transfers.