Circular Dated August 20, 2015 Regarding Requirements for Appointing Foreigners (Non-Egyptians) in Banks

Cairo on: August 20, 2015 Mr. Chairman of the Board of Directors Bank Greetings and respect, In light of what has been observed regarding some banks appointing certain foreign (non-Egyptian) individuals in various bank departments, other than those subject to the provisions of Article (43) of the Central Bank, Banking Sector, and Monetary Law No. 88 of 2003, as well as managers subject to regulatory instructions in this regard, and out of the Central Bank of Egypt's concern for the safety and enforcement of discipline in the Egyptian banking sector, and its concern that these individuals possess the necessary professional experience and specialization to achieve maximum benefit from them. Therefore, banks are required to provide the Central Bank of Egypt with a request containing the names of all foreign (non-Egyptian) individuals whom the bank wishes to appoint or renew their appointment in service at the bank; the request must include a curriculum vitae, status statement, and declarations related to these individuals, in order to obtain the prior approval of the Central Bank of Egypt. Please be kind enough to take the necessary action in this regard. Please accept our highest respect, Hisham Ramez Abdel Hafez