Regulatory Alerts2020-08-06
Added · Updated
Circular dated August 6, 2020 regarding allowing banks to own shares in companies providing payment services and payment operators without a maximum limit
The Central Bank of Egypt permits banks to hold shares in payment service companies and payment operators without a maximum limit, provided these entities are treated as financial companies under the July 27, 2004 Board of Directors' instructions. Banks must obtain prior approval from the Central Bank before making any investment exceeding 5% of a company's issued capital. This decision amends the August 24, 2004 circular that previously prohibited banks from owning shares in non-financial companies exceeding 40% of the issued capital.
Share