2020-08-06

A circular dated August 6, 2020 regarding allowing banks to own shares in companies providing payment services and payment operators without a maximum limit.

In a letter dated August 6, 2020, the Governor of the Central Bank of Egypt addressed the Chairman of the Board of Directors of a bank, referring to previous legislation that allowed banks to own up to 40% of the shares of financial companies and permitted ownership beyond that limit in financial holding companies. The Central Bank's Board of Directors decided to allow banks to own an unlimited number of shares in payment service providers and payment operators, classifying them as financial companies. The letter also emphasized the requirement for banks to obtain the Central Bank's approval before increasing their ownership in any financial company or bank beyond 5%.

Egypt

Central Bank of Egypt

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