Banque Misr and National Bank of Egypt Reach Preliminary Agreement to Restructure UAE Banking Presence
Banque Misr and the National Bank of Egypt (NBE) have reached a preliminary agreement to reorganize their banking presence in the United Arab Emirates, subject to the legal and procedural requirements applicable in the country.
The move comes as the two banks seek to adapt their international banking operations to ongoing developments in overseas financial markets and the regulatory requirements expected during the next phase.
Under the preliminary agreement, the banks aim to develop a shared approach toward greater integration of their international banking presence, ensuring an orderly and seamless transition of operations while maintaining the continuity of services and protecting the interests and rights of customers in the UAE.
Banque Misr expressed its appreciation to the Central Bank of the UAE and the relevant UAE authorities for their cooperation and support throughout the bank’s presence in the country.
Meanwhile, NBE said it looks forward to establishing a long-term banking and institutional relationship with the UAE and its regulatory and banking institutions.
Both banks emphasized that the transition process will be carried out in an organized manner, taking into account the requirements of the Central Bank of the UAE and in coordination with the relevant authorities. They also reaffirmed their commitment to protecting the rights of customers and all parties dealing with the two banks throughout the process.