Banque Misr UAE branches to continue normal operations, central banks say

Dubai: Banque Misr’s branches in the UAE will continue to conduct all their operations normally, the UAE and Egyptian central banks said on Sunday, following a US Treasury decision concerning the lender’s UAE branches.

The Central Bank of the UAE and the Central Bank of Egypt affirmed their full and continuous cooperation and coordination regarding the operations of Banque Misr’s branches in the UAE.

The two central banks said the branches would continue to carry out all their activities as usual.

Banque Misr’s UAE branches will also take all necessary measures and procedures within the period specified for doing so, according to the statement.

The announcement followed a decision by the US Treasury concerning a regulatory exemption related to the closure of Banque Misr branches in the UAE.