As part of their efforts to keep pace with the developments currently taking place in foreign banking markets and the requirements arising from them during the coming period, Banque Misr and the National Bank of Egypt have announced an agreement in principle to reorganize their banking presence in the United Arab Emirates, in accordance with the applicable legal and procedural requirements in the UAE.
This direction reflects the two banks’ commitment to developing a shared vision aimed at integrating their foreign banking presence in a manner that ensures an orderly and seamless transfer of business, while maintaining the continuity of services provided to customers and safeguarding their interests and rights in the United Arab Emirates.
Banque Misr extends its sincere thanks and appreciation to the Central Bank of the UAE and the relevant authorities in the United Arab Emirates for the cooperation and support they have provided during Banque Misr’s period of operation in the country. Meanwhile, the National Bank of Egypt looks forward to building a long-term banking and institutional relationship with the United Arab Emirates and its regulatory and banking institutions.
The two banks confirm that the transition process will be completed in an orderly manner, taking into consideration the requirements of the Central Bank of the UAE and in coordination with all relevant authorities, with a full commitment to safeguarding the rights of customers and all parties dealing with both banks.