Regulatory Alerts2022-04-26 | CBE1.3Added · Updated
CBE Regulation Book 1.3 - Cancel The License And Cease Operations Partially Or Completely And Delete The Registration
The Central Bank of Egypt mandates that a bank may not cease operations partially or completely without prior Board of Directors approval and proof of settled liabilities to depositors, creditors, and employees. The document outlines specific grounds for license cancellation, including serious violations, financial deterioration, or failure to commence operations within 12 months for Egyptian joint-stock banks and six months for foreign branches. It establishes detailed procedural requirements for partial and complete cessation, including mandatory newspaper announcements, a 90-day waiting period, and submission of tax and social security clearance certificates. Additionally, it defines conditions for the cancellation of representation office licenses and the subsequent deletion of such offices from the registry.
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