Regulatory Alerts2024-05-07 | CBE1.6Added · Updated
CBE Regulation Book 1.6 - Rules For Ownership Of Shares In Banks’ Capital
The Central Bank of Egypt mandates that any natural or legal person acquiring 1% or more of a bank's capital or voting rights, or gaining actual control, must obtain prior approval by submitting a detailed application at least 60 days before the transaction. The regulation establishes strict disclosure obligations for shareholders holding 5% or more of capital, requiring notification of changes within 15 days, and imposes duties on banks to monitor ownership, maintain shareholder registers, and suspend voting rights and dividends for non-compliant holders. It further outlines specific procedures, documentation, and timelines for mergers, divisions, and acquisitions, including the protection of employees' pension rights during such transactions.
More like this from CBE
CBE published 2 documents in the last 30 days. We email you each new one the day it's published.