Regulatory Alerts2016-05-23
A circular dated April 19, 2016 regarding banks undertaking activities to market banking products in certain gathering places.
In April 2016, the Chairman and CEO of Bank... greeted everyone with "Hello, and after that..." He mentioned a book written by Deputy Governor Nabil Saleh in September 2008 emphasizing the importance of banks conducting marketing activities for banking products through their employees in certain locations such as tourist areas or ports. In response to requests from some banks, he confirmed: - Marketing and advertising activities must be limited within specific locations and timeframes (not more than one week) without engaging in any financial transactions or fulfilling any requests (opening accounts or loan applications). The presence of bank employees should only focus on promoting banking products, with the required approval from the Central Bank of Egypt. - Advertising through televisions, billboards, and posters is allowed for promotional purposes without any physical presence of bank employees, and banks must notify the Central Bank in advance. He requested that everyone abide by these rules and highly appreciated their cooperation.