With regards to the announcement by the U.S. Division of the Treasury relating to the taking of a regulatory motion associated to limiting U.S. greenback correspondent banking companies offered by U.S. monetary establishments to Banque Misr’s department within the United Arab Emirates, Banque Misr affirms its full respect for the related regulatory and authorized frameworks, its adherence to all relevant legal guidelines, laws, directions and supervisory controls, and its full and constructive cooperation with the related authorities.
Throughout the framework of Banque Misr’s full respect for the relevant regulatory course of, the Financial institution clarifies that what has been introduced constitutes a Discover of Proposed Rulemaking (NPRM), which is topic to a proper interval for receiving and reviewing feedback earlier than any closing rule is issued. The Financial institution is treating the NPRM and the data and assessments contained therein with the utmost seriousness and a focus and is reviewing it totally. The Financial institution will talk with the U.S. Division of the Treasury to acquire additional data and preserve ongoing cooperation, in preparation for taking the mandatory authorized and regulatory actions and submitting its response to the related authorities inside the specified interval.
The Financial institution affirms that the regulatory motion, in keeping with the announcement, is proscribed to Banque Misr’s department within the United Arab Emirates and doesn’t lengthen to Banque Misr’s operations within the Arab Republic of Egypt or every other nation by which it has a presence.
Banque Misr’s department within the United Arab Emirates continues to offer banking companies to its prospects in accordance with the relevant guidelines and procedures. Banque Misr affirms the power and soundness of its monetary place and the complete dedication of its department within the United Arab Emirates to fulfilling all obligations towards prospects and all different associated events.
