The Central Bank of the UAE announced on Tuesday, September 22, 2026, that it has granted preliminary approval to a request by the National Bank of Egypt (NBE) to acquire Banque Misr's branch network in the UAE. The preliminary deal forms part of a broader restructuring of the two Egyptian lenders' overseas presence and still requires final regulatory sign-off.
Banque Misr currently operates branches across Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah. In a joint statement, the two banks said the restructuring is designed to ensure business continuity and protect customer rights, adding that services would continue uninterrupted throughout the transition period.
The move traces back to August 2026, when the US Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would have stripped Banque Misr's UAE unit of its correspondent banking access to US financial institutions. FinCEN alleged the bank's operations had functioned "as a channel through which Iran accesses foreign currency" — an allegation that targeted only Banque Misr and not other Egyptian banks.
Following that proposal, the UAE central bank ordered a special, urgent examination of Banque Misr's UAE branches. That review has now culminated in preliminary approval for the transfer of the branches' ownership to the National Bank of Egypt. According to the official statement, the transition will proceed under direct supervision of the UAE central bank, with coordination between relevant authorities in both countries to ensure an orderly integration of the two Egyptian banks' international banking presence.