Regulatory Alerts2022-04-26 | CBE1.4CBE Regulation Book 1.4 - Criteria For Approving The Opening Of New Branches Or Agencies For Registered Banks And The Use Of Service Vehicles.
The chapter outlines the criteria for approving the opening of new branches or agencies for registered banks and the use of mobile banking services. It details the requirements for banks to open new branches or agencies, including maintaining a minimum capital of EGP 20 million per branch and adhering to regulatory frameworks. Banks must submit requests for new branches in September, with the Central Bank of Egypt responding in December. The chapter also addresses the registration process for branches and agencies, the definition of a branch or agency, and the requirements for opening mini-branches or agencies. Additionally, it outlines the conditions for using mobile banking services, emphasizing security measures and the need for prior approval from the Central Bank of Egypt.