Arab Finance: The Central Bank of the UAE (CBUAE) has given preliminary approval to the National Bank of Egypt’s (NBE) request to acquire Banque Misr’s UAE branches, according to a statement.
Banque Misr and the NBE have agreed in principle to reorganize their banking presence in the UAE in line with applicable legal and procedural requirements.
The move aims to develop a shared approach to integrating their foreign banking operations while ensuring an orderly and seamless transfer of business.
The transition will maintain service continuity for customers and safeguard their rights and interests in the UAE, the two banks added.
Moreover, Banque Misr thanked the CBUAE and relevant authorities for their cooperation and support during the bank's operations in the country.
NBE said it looks forward to establishing a long-term banking and institutional relationship with the UAE and its regulatory and banking institutions.
The transition process would be carried out in coordination with relevant authorities and in accordance with requirements set by the CBUAE, while safeguarding the rights of customers and all parties dealing with the two banks.
Treasury Secretary Scott Bessent recently revealed that Banque Misr UAE has transferred more than $1.8 billion to Iran since 2025, indicating that the bank's branches in Dubai could face closure.
