The UAE central bank has issued preliminary approval for a request by the National Bank of Egypt (NBE) to acquire Banque Misr’s branches in the country, the two Egyptian banks said on Tuesday.
The two Egyptian banks said the restructuring will ensure business continuity and protect customer rights, following a Central Bank of the UAE-ordered examination of Banque Misr’s UAE operations in August.
Banque Misr and NBE said the move reflects their shared commitment to an orderly transition, business continuity, and full protection of customer interests and rights across the UAE.
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The restructuring follows months of regulatory scrutiny of Banque Misr’s UAE operations.
In August 2026, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would have revoked Banque Misr UAE’s correspondent banking access to US financial institutions, designating the lender’s UAE operations as a channel through which Iran accesses foreign currency. The US Treasury had said the measure did not affect any other Egyptian bank.
In response, the CBUAE ordered a special and urgent examination of Banque Misr’s UAE branches, which operate across Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah, warning UAE-licensed banks against exposing the country’s financial system to reputational risks.
The central banks of the UAE and Egypt later issued a joint statement affirming close coordination between the two regulators, saying Banque Misr’s UAE branches would continue conducting business as usual while taking necessary measures within a specified timeframe.
The latest announcement marks the next step in that process, with NBE – Egypt’s oldest and one of its largest state-owned banks – set to take over Banque Misr’s UAE footprint pending final regulatory sign-off.
Banque Misr thanked the CBUAE and relevant UAE authorities for their support throughout its operational presence in the country, while NBE said it looks forward to building a long-term banking and institutional relationship with the UAE and its regulatory and financial authorities.
Both banks reaffirmed that the transition would proceed in a structured, coordinated manner, strictly adhering to CBUAE regulations and in close collaboration with all relevant entities, with full regard for protecting the rights of customers and stakeholders.
Source: Khaleej Times
