Banque Misr UAE Branch Continues Operations After US Treasury Action

By Staff, Agencies

Banque Misr's branch in the United Arab Emirates continued providing banking services as usual on Saturday following the US Treasury Department's announcement of proposed restrictions against the branch.

Banque Misr said the UAE branch continues to serve customers in accordance with applicable rules and procedures.

The US Treasury Department announced Friday that it had proposed a rule to revoke the branch's correspondent banking access to US financial institutions.

If adopted, the measure would prohibit US banks from opening or maintaining correspondent accounts for Banque Misr UAE and from processing transactions involving such accounts.

Banque Misr stressed that the measures have not yet been implemented, describing the announcement as a Notice of Proposed Rulemaking (NPRM) subject to a formal period for public comments before any final decision.

The bank said it would contact the US Treasury for further information and take the necessary legal and regulatory measures within the prescribed timeframe.

If finalized, the restrictions would apply only to Banque Misr's UAE branch and would not affect the bank's operations in Egypt or other countries, according to the bank.