Egypt’s Banque Misr says its UAE branch remains operational after the US Treasury announced restrictions on its access to US dollar correspondent banking services.
The bank said it is reviewing the Treasury notice and assessing the implications of the restrictions. However, it stressed that its Banque Misr UAE branch continues to provide banking services to customers.
According to the bank, the branch is operating in line with applicable regulations, rules and internal procedures.
The statement followed a US Treasury announcement on Friday concerning the Egyptian bank’s operations in the United Arab Emirates.
US Restricts Dollar Banking Services
The US Treasury said it had taken steps to restrict US financial institutions from providing correspondent banking services in US dollars to Banque Misr’s UAE branches.
The move relates to what US authorities described as the bank’s dealings with Iran.
Dollar correspondent banking services play an important role in international finance. Restrictions can make it more difficult for a financial institution to process certain transactions through the US banking system.
Despite the US action, Banque Misr said its UAE operation continues to serve customers.
Bank Says Services Continue
The bank’s statement sought to reassure customers that the UAE branch remains active and continues normal banking operations within the applicable regulatory framework.
Banque Misr has a significant presence in Egypt and also operates internationally. Its UAE branch provides banking services to customers in the country.
The latest development comes as Washington continues to enforce financial restrictions connected to Iran. US sanctions can affect banks and other institutions that authorities believe have facilitated transactions involving sanctioned entities or jurisdictions.
For now, Banque Misr says it is examining the US Treasury notice while maintaining services through its UAE branch.
The situation could develop further depending on the outcome of the bank’s review and any additional measures from US authorities.
