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Legal Reasons for Bank License Revocations
According to the Central Bank Law and the Egyptian Banking System, bank licenses may be revoked and registration canceled by a decision of the Central Bank of Egypt’s Board of Directors in specific cases. These include committing serious or repeated violations without correction, adopting policies that harm the economic interest or the banking system, the bank ceasing its activities, the bank being deemed insolvent and the Central Bank deciding to liquidate it, or if the licensing data are incorrect or if any of the licensing conditions are lost. Also, if there is a significant change in the information upon which the licenses were granted. Prior to making the cancellation decision, the bank must be notified and given an opportunity to defend itself. The decision is published in the Official Gazette for ten days, and its publication continues on the official website throughout the liquidation period.
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