Banking in Egypt
Chris Mickelson (Treasury Manager, Cerner)
| Oct 12, 2010
I need a bank in Egypt and our current banking partners don't have a reach into this market. Our needs are pretty simple - the bank will need to provide basic cash management functions as well as bank guarantees on our behalf.
- Your positive/negative experiences with Egyptian banks.
- What bank would you recommend?
- How complex is the account setup process - how does it compare to the requrements of the UAE and Saudi Arabia?
- Any other insight into banking in Egypt that might be helpful.
Thanks
Answers
Company:
Hi,
Have you spoken with HSBC. They have a good foot print in the middle east and they're a good banking partner. They've also been recognized for their cash management services in the middle east. Good Luck.
Company: Cerner
Thanks Ray. Not directly but I'll reach out to them soon. However, I've been told that customer service has been a common issue if a company doesn't have extensive business with them. This will definitely be a conversation point.
I used to work at AFP and they had country profiles that were accessible to AFP members. If you are not an AFP member if you reach out to Tom Hunt, the current Director of Treasury Services he may be willing to share the profile with you.
Cheers,
Ernie
Company: In between
Our Dubai shared service center conducted an rfp a couple of years ago for our Egyptian business with HSBC, Citi, BNP and Calyon. We choose Citi. My recollection is there was significant account opening documentation requirements.
Tom