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The Egyptian banks, National Bank of Egypt and Banque Misr, intend to acquire the branches of Banque Misr in the United Arab Emirates, following preliminary approval from the Central Bank of the Emirates. This move is part of a strategic restructuring of the banking presence in the UAE and the integration of operations, while ensuring the continued delivery of services and the protection of customer rights. The step comes amidst pressures from American sanctions on the banking sector in the region, due to measures aimed at hindering the Iranian regime's access to dollars. The transition will be completed in an organized manner in coordination with the relevant authorities to ensure business continuity and safeguard customers' interests.
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