Regulatory Alerts2014-12-11
Added · Updated
Instructions for opening small bank branches
The Central Bank of Egypt approved guidelines on December 2, 2014, for banks to open small branches or agencies providing retail banking services to individuals. Banks must allocate a minimum capital of 5 million Egyptian pounds per branch in Greater Cairo, 2 million outside Greater Cairo, and 1 million in Upper Egypt provinces. Applications must be submitted during February and September each year, accompanied by a registration fee of 7,000 Egyptian pounds under Law No. 88 of 2003. These units are restricted to specific individual transactions such as deposits, withdrawals, loans, and marketing, and must adhere to security procedures and operating hours defined in previous circulars.
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