Regulatory Alerts2014-03-16
Providing the Central Bank of Egypt with the names of the candidates representing the membership or chairmanship of the board of directors of any of the sister or subsidiary banks abroad and the executive director of the bank branches abroad.
Dear Sir / Chairman of the Board, Cairo in March 14, 2014: I would like to draw your attention to Articles 43 and 92 of the Central Bank Law and the Monetary and Credit Regulatory Authority Act No. 88 of 2003, as well as the Egyptian Central Bank's Board of Directors Resolution dated April 6, 2004 regarding the qualification criteria for bank board members, managing directors, and executive directors performing these functions. In light of this and previous requirements, banks are required to submit applications for each proposed member or chairperson of another affiliated or foreign bank's board, or for an executive director in branches outside Egypt. The application must include the applicant's personal resume, their financial status, and any special interests they may have, all for prior approval by the Central Bank of Egypt. I kindly request that you take note of this matter. Respectfully, Hesham Ramez Abdel Hafiz