Bank of Egypt: UAE Branch "Continues" to Provide Banking Services to Its Customers - Sarmad

Bank Misr stated that the regulatory action announced by the U.S. Department of the Treasury regarding its branch in the United Arab Emirates is limited to restricting U.S. dollar correspondent banking services with U.S. financial institutions, and does not extend to the bank’s operations in Egypt, its branches, or its presence in any other country.

Bank Misr noted that its UAE branch continues to provide banking services to customers in accordance with prevailing rules and procedures, emphasizing the branch’s commitment to fulfilling all rights of customers and related parties.

In a statement issued on Saturday, the bank clarified that the announced measures are still subject to an official comment period for review and study before a final decision is made, confirming that it is carefully examining the data and estimates contained in the announcement.

It added that it will communicate with the U.S. Department of the Treasury to obtain further information and continue cooperation, paving the way for taking necessary legal and regulatory steps and submitting its response to the relevant authorities within the specified timeframe.

The U.S. Department of the Treasury had previously announced a regulatory action restricting U.S. dollar correspondent services for Bank Misr’s branch in the UAE due to financial transactions linked to Iran.

Following the announcement, the Central Bank of Egypt stated that it and the Ministry of Foreign Affairs are in contact with the U.S. side regarding the measures, clarifying that they are limited to transactions of Bank Misr’s UAE branch with U.S. dollar correspondent banks, and do not extend to Bank Misr within the Arab Republic of Egypt, its other foreign branches, or any banks operating in the Egyptian banking sector.