Regulatory Alerts2022-04-26 | CBE1.2Added · Updated
CBE Regulation Book 1.2 - Licensing And Registering A Representative Office Of A Foreign Bank In The Arab Republic Of Egypt
The Central Bank of Egypt establishes the conditions, required documentation, and registration procedures for foreign banks to open representative offices in Egypt. Foreign banks must not have a branch in Egypt, must obtain approval from their home regulator, and are restricted to market research and liaison activities without engaging in banking or commercial operations. The regulation mandates a registration fee of USD 20,000, requires the appointment of a responsible manager subject to Central Bank approval, and imposes ongoing obligations to report legal changes, update registration data, and notify the General Authority for Investment and Free Zones of relevant modifications.
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