UAE Central Bank Approves Transfer of Bank Misr Branches to 'Ahli'

Egyptian Bank and the National Bank of Egypt announced in a joint statement that the Central Bank of the United Arab Emirates has granted preliminary approval for the National Bank of Egypt’s request to acquire the Egyptian Bank’s branches in the United Arab Emirates.

This follows the US Department of the Treasury’s announcement at the end of last August of a regulatory action restricting correspondent banking services for US financial institutions in US dollars for the Egyptian Bank’s branch in the UAE, following allegations that it processed transactions worth over $1.8 billion on behalf of entities linked to the Iranian regime.

Also, US Treasury Secretary Scott Bessent announced on Monday that the Egyptian Bank’s branch in Dubai “will be closed” amid US measures targeting the bank’s operations in the UAE due to transactions linked to Iranian financial networks.

According to the joint statement, the preliminary agreement between the National Bank of Egypt and the Egyptian Bank comes as part of restructuring the two banks’ external banking presence in the UAE, in line with developments in overseas banking markets and applicable regional procedural and legal requirements.

The Egyptian Bank expressed its appreciation to the Central Bank of the UAE and relevant authorities for the support provided during its operations, while the National Bank of Egypt looks forward to building a long-term institutional relationship with UAE regulatory and banking institutions.

Both banks emphasized that the completion of the transition process will be carried out in full coordination with the relevant authorities and the Central Bank of the UAE, with full compliance with all rights and regulations governing the banking process.