Banque Misr has issued an official statement clarifying the position of its branch in the United Arab Emirates following an announcement by the U.S. Department of the Treasury regarding a regulatory action related to restrictions on U.S. dollar correspondent banking services provided by U.S. financial institutions to the Bank’s UAE branch.
Banque Misr reaffirmed its full respect for all relevant legal and regulatory frameworks, as well as its commitment to applicable laws, regulations, instructions and supervisory requirements. The Bank also emphasized its full and constructive cooperation with the relevant authorities.
Banque Misr Reviews Proposed U.S. Regulatory Action
In line with its commitment to the applicable regulatory process, Banque Misr clarified that the announced measure is a Notice of Proposed Rulemaking (NPRM), which remains subject to a formal period for receiving and reviewing comments before any final rule is issued.
The Bank stated that it is carefully reviewing the NPRM, including the information and assessments contained in the announcement, with the utmost seriousness and attention.
Banque Misr also confirmed that it will engage with the U.S. Department of the Treasury to obtain further information and continue its cooperation with the relevant authorities. This process is intended to support the Bank in taking any necessary legal and regulatory measures and submitting its response within the specified timeframe.
U.S. Regulatory Action Limited to Banque Misr’s UAE Branch
Banque Misr emphasized that, according to the U.S. announcement, the regulatory action is limited exclusively to the Bank’s branch in the United Arab Emirates.
The measure does not extend to Banque Misr’s operations in the Arab Republic of Egypt or to its operations in any other country where the Bank has a presence.
UAE Branch Continues Banking Services
Banque Misr confirmed that its UAE branch continues to provide banking services to customers in accordance with applicable rules and procedures.
The Bank also reaffirmed the strength and soundness of its financial position, stressing that its UAE branch remains fully committed to meeting all obligations toward its customers and other relevant stakeholders.
Banque Misr reiterated its commitment to regulatory compliance, transparency and continued cooperation with the relevant authorities throughout the ongoing regulatory process.
