The National Bank of Egypt (NBE) is set to expand its footprint in the UAE after receiving preliminary approval from the Central Bank of the UAE to acquire the local branches of Banque Misr. This strategic restructuring comes on the heels of intense regulatory scrutiny that began last year, when US authorities raised concerns regarding Banque Misr’s UAE operations and their alleged link to international financial transactions involving Iran. In response, UAE regulators conducted an urgent audit of the bank’s branches across Dubai, Abu Dhabi, Sharjah, and Ras Al Khaimah to mitigate potential reputational risks to the nation’s banking sector.

Both financial institutions have emphasized that this transition is designed to ensure seamless business continuity and, most importantly, the full protection of customer rights and interests. By integrating these operations into the NBE—Egypt’s oldest and largest state-owned lender—the authorities aim to maintain a stable financial environment while meeting all local regulatory requirements. As the process moves toward final sign-off, both banks have pledged a transparent and coordinated transfer of assets, marking a significant shift in the presence of Egyptian state-backed banking within the UAE market.