Egypt: Conditions for Opening Representation Offices for Foreign Banks Explained

Egypt: Conditions for Opening Representation Offices for Foreign Banks Explained News developments

Egypt: Conditions for Opening Representation Offices for Foreign Banks Explained

Youm7, 26 August 2021: The Egyptian authorities have explained the conditions for foreign banks to open representation offices in the country.

Under Egypt Law No. 194/2020, foreign banks should not have branches in Egypt and their headquarters should be located in their home countries.

The roles of representation offices should be limited to studying the market and investment opportunities.

The offices cannot operate banking activities.

The head of the representation office should be approved by the Central Bank Governor.

The Central Bank has the authority to supervise these offices and review its records. For full story, click here.

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Marlé Van Sandwyk