For the first time in Egypt, Banque Misr has partnered with Moody’s to adopt the TP Catalyst Platform, aiming to enhance transparency and governanc

Randa Refaat
In a significant move that underscores Banque Misr’s leadership and strong standing in the Egyptian banking sector, the bank has entered into a strategic cooperation agreement with Moody’s. This partnership marks Banque Misr as the first bank in Egypt to adopt the Moody’s TP Catalyst platform, a tool esteemed for its standards in transfer pricing analysis and tax governance. The initiative is dedicated to enhancing principles of transparency and promoting exemplary governance practices.

The signing ceremony was witnessed by Mr. Ahmed Issa – Deputy CEO of Banque Misr, and Mr. Brendan Gavaghan , Moody’s Senior Director, Middle East and South Asia. The agreement was signed by Mr. Mohamed Sherif – CFO of Banque Misr, and Mr. David Tim Njoroge – Moody’s Associate Director – Tax / Transfer Pricing Solutions Middle East & South Asia, in addition it was attended by prominent representatives from both parties.

In this context, Mr Mohamed Sherif – CFO of Banque Misr – stated: “This strategic partnership goes beyond merely embracing advanced technology; it firmly underscores Banque Misr’s dedication to principles of fairness, sustainable growth, and adherence to global best practices. It highlights the Bank’s commitment to enhancing transparency, compliance, and governance, while adopting cutting-edge solutions throughout its growing local and international operations. This aligns seamlessly with its ambitious vision for the future and reinforces its standing as a leading bank in the region.”

Mr. Brendan Gavaghan, Moody’s Senior Director for the Middle East and South Asia, expressed his enthusiasm for a groundbreaking partnership with Banque Misr, which signifies a new chapter in financial sector innovation. This collaboration celebrates Banque Misr’s initiative to establish a dedicated Transfer Pricing & International Taxation Department, setting a precedent that is likely to inspire the banking sector in Egypt and beyond as it navigates an increasingly intricate and interconnected tax environment.

He added that This strategic move is further reinforced by Banque Misr’s implementation of Moody’s Transfer Pricing Risk Analysis solutions, which enable the bank to enhance decision-making and optimize its transfer pricing strategies across its various entities. Gavaghan highlighted that Banque Misr’s dedication to developing a solid and forward-thinking transfer pricing framework serves as a model for the region. By utilizing Moody’s risk analysis tools, the bank not only ensures compliance but also uncovers valuable insights that will foster sustainable growth.

This step reaffirms Banque Misr’s ambitious strategy to support growth and expansion, enhance transparency and governance, and adopt international best practices, contributing to sustainable development and prosperity for Egypt.