Regulatory Alerts2014-03-16
Added · Updated
Providing the Central Bank of Egypt with the names of the candidates representing the membership or chairmanship of the board of directors of any of the sister or subsidiary banks abroad and the executive director of the bank branches abroad
Banks are required to submit the names of candidates for membership or chairmanship of the board of directors of sister or subsidiary banks abroad, as well as the executive director of bank branches abroad, to the Central Bank of Egypt to obtain prior approval. The submission must include the candidates' resumes, status statements, and declarations, in accordance with Articles 43 and 92 of the Central Bank, Banking System and Currency Law No. 88 of 2003 and the Central Bank of Egypt Board of Directors' decision of April 6, 2004.
Mr. / Chairman of the Board Cairo, March 13, 2014
Bank
Dear Sir,
I would like to refer to the provisions of Articles 43 and 92 of the Central Bank, Banking System and Currency Law issued by Law No. 88 of 2003, and to the decision of the Board of Directors of the Central Bank of Egypt in its meeting held on April 6, 2004, regarding the verification standards for the suitability of heads and members of the boards of directors of banks and executive directors for the positions they hold.
In light of the foregoing, banks must provide the Central Bank of Egypt with the names of the candidates representing them for membership or chairmanship of the board of directors of any of the sister or subsidiary banks abroad, and the executive director for bank branches abroad, such that the submitted request includes the resumes, status statements, and declarations of these candidates, in order to obtain the prior approval of the Central Bank of Egypt.
Please be kind enough to alert and take the necessary measures in this regard.
Accept my highest regards, Hesham Ramzy Abdel Hafez
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