Regulatory Alerts2021-11-15
Added · Updated
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.