NBE gets nod to acquire Banque Misr UAE Branches

 NBE receives initial approval from CBUAE to acquire Banque Misr’s five UAE branches as part of plans 

Banque Misr and the National Bank of Egypt (NBE) announced that the latter obtained initial approval from the Central Bank of the UAE (CBUAE) to acquire Banque Misr's branches in the UAE.

The move is part of a plan to restructure and enhance the two banks' international banking presence.

In a joint statement, the banks said they reached a preliminary agreement to reorganize their banking presence in the UAE, in light of recent developments in foreign banking markets and the associated requirements for the coming period.

This move aims to establish a shared vision for the integrated international banking presence of both banks, ensuring a smooth and seamless transition of operations, the continued provision of services to customers, and the protection of their interests and rights in the UAE.

The banks noted that completion of the business transfer will take place in accordance with the UAE central bank's requirements and in coordination with the relevant authorities, affirming their commitment to safeguarding the rights of customers and counterparties dealing with the two banks.

The banks did not disclose the value of the deal or details of its structure, nor did they set a final date for the completion of the branch transfer, pending completion of the necessary approvals and regulatory procedures.

Banque Misr currently operates five branches in the UAE, distributed across Dubai, Abu Dhabi, Sharjah, and Ras Al-Khaimah.

On Aug. 29, CBUAE announced it would conduct a special, urgent inspection and thorough review of Banque Misr's UAE branches, after reviewing a statement issued by US authorities regarding a proposed special measure related to the bank's UAE branches classifying it as a foreign financial institution of primary money laundering concern.

On Aug. 30, UAE and Egypt's central banks affirmed continued cooperation and coordination regarding Banque Misr's branches in the UAE, noting that the branches continue to operate normally, with all necessary measures and actions in place during this period.