Banque Misr clarifies US Treasury action targets only its UAE branch, remains a proposed rule
Banque Misr has clarified that a recent U.S. Treasury measure concerning dollar correspondent banking services is a Notice of Proposed Rulemaking NPRM and not a final rule. The bank emphasized that this proposed action is limited to its branch in the United Arab Emirates and does not affect its operations in Egypt or any other country where it has a presence. Banque Misr stated its full respect for regulatory and legal frameworks, its adherence to all applicable laws, and its cooperation with relevant authorities. The bank is treating the NPRM with seriousness, reviewing it thoroughly, and plans to communicate with the U.S. Department of the Treasury for further information. Banque Misr will prepare and submit its response within the specified period. The bank confirmed that its UAE branch continues to provide banking services to customers in accordance with applicable rules and procedures, affirming its strong financial position and commitment to fulfilling all obligations.
