Egypt Foreign Bank Rules

Law No. 194 of 2020 requires anyone seeking preliminary approval to establish a branch of a foreign bank in Egypt to submit an application to the Central Bank, accompanied by the required documents, and pay a US$50,000 fee for its review. The Board of Directors must decide within 90 days, a period that may be extended by an equivalent term, and the establishment procedures must begin within six months of notification of approval. The application for a final licence must include an unconditional guarantee from the parent bank covering the branch’s deposits, creditors’ rights and obligations, as well as authorization to appoint the branch manager and deputy, subject to the Governor’s approval. The Board of Directors must issue its decision within 60 days of the application being complete. The applicant must be notified within 90 days whether the application has been accepted or further information is required. The applicant’s right to proceed lapses if the requested information is not provided within 90 days of notification; if the application is rejected, the applicant must be notified within 30 days of the decision. Once licensed, branches are registered subject to inspection fees of US$25,000 for the head office, US$10,000 for each additional branch, and US$5,000 for each agency or small branch. The Governor’s approval is required before a branch is established and opened.

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