Banque Misr Clarifies the Position of Its UAE Branch Regarding the U.S. Regulatory Action
Mohamed Abo Elkhir With reference to the announcement by the U.S. Department of the Treasury regarding the taking of a regulatory action related to restricting U.S. dollar correspondent banking services provided by U.S. financial institutions to Banque Misr’s branch in the United Arab Emirates, Banque Misr affirms its full respect for the relevant regulatory and legal frameworks, its adherence to all applicable laws, regulations, instructions and supervisory controls, and its full and constructive cooperation with the relevant authorities. Within the framework of Banque Misr’s full respect for the applicable regulatory process, the Bank clarifies that what has been announced constitutes a Notice of Proposed Rulemaking (NPRM), which is subject to a formal period for receiving and reviewing comments before any final rule is issued. The Bank is treating the NPRM and the information and assessments contained therein with the utmost seriousness and attention and is reviewing it thoroughly. The Bank will communicate with the U.S. Department of the Treasury to obtain further information and maintain ongoing cooperation, in preparation for taking the necessary legal and regulatory actions and submitting its response to the relevant authorities within the specified period. The Bank affirms that the regulatory action, according to the announcement, is limited to Banque Misr’s branch in the United Arab Emirates and does not extend to Banque Misr’s operations in the Arab Republic of Egypt or any other country in which it has a presence. Banque Misr’s branch in the United Arab Emirates continues to provide banking services to its customers in accordance with the applicable rules and procedures. Banque Misr affirms the strength and soundness of its financial position and the full commitment of its branch in the United Arab Emirates to fulfilling all obligations toward customers and all other related parties.
