UAE Central Bank toInspect Egypt Bank Branches
The Central Bank of the United Arab Emirates has decided to conduct a comprehensive and deliberate inspection of Egypt Bank’s branches in the UAE, following a statement from the U.S. Department of the Treasury suggesting the prohibition of American financial institutions from opening or maintaining bank accounts for the bank. This move is part of a campaign targeting financial policies linked to Iran. The procedures include a thorough review of the banking transactions of the bank’s affiliated companies from January 2024 to June 2026, amounting to approximately $1.8 billion for 103 companies believed to be connected to parallel Iranian networks. A final decision will be made after evaluating the available options, with a commitment to protecting customers’ rights. The bank is handling the situation and data with utmost seriousness, as U.S. authorities monitor these developments within the framework of sanctions imposed on Iran.
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