National Bank of Egypt (NBE) is seeking a licence to conduct local-currency banking in its Shanghai branch. NBE would be the first Egyptian, Arab, and African bank to join a growing list of foreign banks seeking to beef up yuan-related services amidst increasing use of the currency in international transactions. In a statement released on Wednesday, NBE said it expects getting the yuan licence by end of 2016. NBE’s first presence in China dates back to 1999, when the bank incorporated its representative office in Shanghai. Eight years later, the bank decided to turn its Shanghai representative office into an operative branch offering various banking services in 2007. (Amwal Al Ghad)