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وكالة صدى نيوز
US Treasury pressures Bank of Egypt in UAE
Reports indicate that the U.S. Treasury Department has decided to impose measures on Bank Misr’s branches in the UAE due to their dealings linked to Iran, which amounted to over $1.8 billion between 2024 and 2026. This move is part of its efforts to combat money laundering and suspicious financial activities. As a step to facilitate Bank Misr’s exit from the UAE market, the National Bank of Egypt acquired the bank’s branches in the UAE after obtaining approvals from the UAE Central Bank, with the aim of transferring assets and rights in an organized manner. However, the transfer of ownership does not eliminate the possibility of legal consequences stemming from the American measures related to previous transactions. The branches are still operating normally according to the UAE Central Bank, while the proposed American measures remain unofficial and are primarily focused on preventing financial dealings connected to Iran.
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