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اليوم السابع
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Ownership limit on bank shares
The Central Bank of Egypt's law established conditions for owning bank capital to ensure effective control over financial institutions. The law states that individuals and legal entities may own up to 10% of a bank's capital, provided they notify the bank within 15 days. There are specific exceptions for those who possess more than this amount through accumulation or inheritance. Furthermore, it is prohibited for any person, unless approved by the Central Bank's Board of Directors, to own more than 10% of the capital or to have actual control over the bank. Actual control is considered to be the ability to appoint the majority of the board of directors or to influence key decisions. Anyone exceeding this limit or controlling a bank is required to rectify their position within two years; otherwise, they will be barred from voting or participating in the bank's management. The regulations aim to organize ownership of bank capitals and safeguard financial stability.
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