National Bank of Egypt to acquire Banque Misr’s UAE branches

Dubai: The National Bank of Egypt is set to acquire Banque Misr’s branches in the UAE under a preliminary agreement to reorganise the two banks’ presence in the country, subject to the necessary approvals from the Central Bank of the UAE.

Banque Misr announced the agreement in a statement, saying the proposed transaction comes as the two lenders reassess their overseas operations in response to changes in international banking markets and the requirements expected in the coming period.

The restructuring will be carried out in accordance with the UAE’s legal and regulatory procedures.

Under the plan, the two banks aim to integrate their international banking presence while ensuring an orderly and smooth transfer of operations in the UAE. They stressed that services to customers would continue throughout the transition and that clients’ interests and rights would be protected.

Banque Misr expressed its appreciation to the Central Bank of the UAE and other relevant authorities for their cooperation and support throughout the bank’s presence in the country.

The National Bank of Egypt, meanwhile, said it looked forward to building a long-term banking and institutional relationship with the UAE and its regulatory and banking institutions.

Both lenders emphasised that the transfer would be completed in coordination with the relevant authorities and in full compliance with Central Bank requirements, while safeguarding the rights of customers and all parties dealing with the two banks.