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…
The National Bank of Egypt has reached a preliminary agreement to acquire Banque Misr's branches in the UAE, pending approval from the Central Bank of the UAE. Banque Misr made the announcement, stating the deal reflects both banks' review of their international operations in response to evolving global banking markets. The restructuring will adhere to UAE's legal and regulatory frameworks, with the objective of merging their overseas presence while maintaining seamless service delivery to customers.
Both institutions assured customers that their interests and rights will be protected throughout the transition. They also pledged to work in coordination with relevant authorities, ensuring full compliance with Central Bank mandates and safeguarding the rights of customers and stakeholders. The National Bank of Egypt expressed anticipation of establishing a long-term banking and institutional relationship with the UAE.
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