National Bank of Egypt to acquire Banque Misr's UAE branches with central bank approval

Banque Misr and the National Bank of Egypt agreed to reorganize their UAE operations, transferring Banque Misr's branches after preliminary central bank approval.

• Banque Misr and the National Bank of Egypt have agreed that the National Bank will acquire Banque Misr's branches in the UAE.
• The UAE Central Bank has granted preliminary approval, with the transfer to proceed per Emirati legal and procedural requirements.
• The US Treasury proposed banning Banque Misr's UAE branch from holding correspondent accounts, saying it is a vital point for Iranian access to the dollar.
• Egyptian banking expert Hani Abu El-Fotouh said the acquisition will protect UAE customers' rights and that banking services will continue normally.