Amer confirms new bank licenses could be issued: Central Bank of Egypt Governor Tarek Amer has confirmed to Al Mal that the CBE could potentially resume issuing licenses to international banks looking to enter Egypt. Amer made no further comment, but another report suggests that a European bank and two other international institutions have already made early inquiries of the CBE.

Background: The government has for years refused to issue new banking licenses to both domestic and foreign players, pointing potential market entrants to acquisition targets. News of a possible resumption surfaced yesterday. An unnamed CBE official had said the move would help boost confidence in the Egyptian economy and the banking sector. Now with the banking sector boss confirming the news — it is only appropriate to wonder when and to what extent will the CBE recast the entry barrier.

Tags: