Regulatory Alerts2014-03-31
Providing the Central Bank with sufficient data and details of participation in financial or non-financial companies in which it is planned to contribute more than 5% of the company’s capital within a period of not less than two months.
In a letter dated March 13, 2014, the Governor of the Central Bank of Egypt, Hisham Ramez Abdel Hafez, addresses the Chairman of the Board regarding the bank's role in setting regulatory standards to ensure the financial soundness and performance of banks. He reiterates that before a bank intends to contribute more than 5% of a company's issued capital, it must provide the Central Bank with comprehensive information about the company, including its purpose, shareholders, and management. The letter emphasizes the need for compliance with the Central Bank's decision of July 27, 2004, regarding investment limits in securities.
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governance