Regulatory Alerts2015-07-09
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Adding the activity of providing banking services to the small and medium enterprises sector to the activities carried out by small branches of banks
The Central Bank of Egypt approved the addition of providing banking services to the small and medium enterprises sector to the activities previously authorized for small branches of banks. This decision was made during the Board of Directors' meeting held on April 8, 2015, amending the regulations established on December 2, 2014. The measure aims to encourage the expansion of retail banking services and enhance financial inclusion by reaching more customers in various locations.
Dear Mr. Chairman,
Greetings,
I would like to refer to the letter from the Governor dated December 8, 2014, regarding the controls approved by the Board of Directors of the Central Bank of Egypt in its meeting held on December 2, 2014, concerning the opening of agencies/small branches of banks. Considering that the objective of opening these branches is to encourage them to expand in providing retail banking services and reach the largest number of customers in the areas where these branches will be located, thereby contributing to strengthening the concept of Financial Inclusion,
The Board of Directors of the Central Bank of Egypt approved, in its meeting held on April 8, 2015, the addition of the activity of providing banking services to the small and medium enterprises sector to the activities previously approved by virtue of the decision of the Board of Directors of the Central Bank of Egypt in its meeting held on December 2, 2014 (Item One), and the amount for banks according to the aforementioned letter from the Governor.
Please accept the highest assurances of respect,
Tarek Fayed
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