Circular dated November 14, 2021 regarding updating the rules for licensing and registration of banks and representative offices of foreign banks

The Central Bank of Egypt updates the licensing and registration rules for Egyptian joint-stock banks, foreign bank branches, and foreign bank representative offices, including the partial or full suspension of operations and deregistration. The document establishes specific capital requirements, such as a minimum of 5 billion EGP for domestic banks and 50 million USD for foreign branches, and mandates detailed documentation regarding ownership structures, feasibility studies, and IT infrastructure. It also defines the procedures for obtaining preliminary approval, the timeline for final licensing decisions, and the conditions under which licenses may be revoked or operations halted due to serious violations or financial distress.

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Cairo on: November 14, 2021

Dear Mr. Chairman of the Board of Directors of the Bank,

Reference is made to the Central Bank and Banking System Law issued by Law No. 194 of 2020. Please be informed that the Board of Directors of the Central Bank of Egypt approved, in its meeting held on October 12, 2021, the update of the rules for licensing and registration of banks and representative offices of foreign banks, as well as the partial and full suspension of operations, in accordance with the provisions of the aforementioned Law.

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Lineage: In force

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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works