National Bank of Egypt and Banque Misr announced a preliminary agreement on Tuesday, 22 September, under which NBE would acquire Banque Misr's UAE branches. Both Egyptian state-owned banks said the Central Bank of the UAE had given preliminary approval. Final regulatory sign-off is still pending, so the deal is not complete.
Reuters reported the announcement first on Tuesday afternoon. Khaleej Times published the same day. Both banks said the restructuring is meant to preserve business continuity, protect customer rights and avoid disrupting services.
### What the banks said
In a joint statement summarised by Reuters, Banque Misr and NBE framed the move as a reorganisation of their overseas banking presence in response to changing requirements in foreign markets. They did not cite US regulatory action in that statement. Khaleej Times carried the same outline.
NBE currently lists a representative presence in Dubai rather than a full retail branch network. Taking over Banque Misr's UAE footprint would give Egypt's largest state-owned bank a much larger operating presence in the country if the deal completes.
### Where Banque Misr operates
Khaleej Times reported that Banque Misr's UAE branches operate across Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah. Banque Misr's UAE website was still showing normal branch information and online banking when checked on 22 September.
### Why the UAE network is under scrutiny
The announcement follows weeks of regulatory attention.
On 28 August, the US Treasury's Financial Crimes Enforcement Network (FinCEN) proposed a rule that would cut Banque Misr UAE off from correspondent banking access to US financial institutions. Reuters reported that the US Treasury had described the branches as a critical node for Iranian government access to US dollars. Khaleej Times reported the same framing: FinCEN cast the UAE operation as a channel through which Iran accesses foreign currency. That notice was a proposal, not a final rule.
The Central Bank of the UAE then ordered a special examination of Banque Misr's UAE branches. On 30 August, the UAE and Egyptian central banks issued a joint statement saying the branches would continue conducting business as usual while taking required measures within a specified period.
### What customers should do
Banque Misr customers do not need to move money, replace cards or change salary instructions because of Tuesday's announcement alone. Neither bank has published a migration timetable, new account details or a branch-closure plan.
Customers should treat unsolicited messages that demand passwords, card numbers or one-time codes as phishing risks, even when they mention a bank restructuring. Any later change to accounts, cards or digital banking should be verified through Banque Misr's official website, app, branch network or published customer-service channels.
Until final approval and a published transition plan appear, day-to-day banking at Banque Misr's UAE branches is meant to continue as normal.