{"id":569746,"date":"2020-03-05T04:00:06","date_gmt":"2020-03-05T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/"},"modified":"2020-03-05T04:00:06","modified_gmt":"2020-03-05T04:00:06","slug":"banking-act-receives-committee-level-approval-at-egypts-parliament","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/","title":{"rendered":"Banking Act receives committee-level approval at Egypt\u2019s parliament"},"content":{"rendered":"

Most banks are ready for the Banking Act\u2019s new capital requirements:<\/strong> Around 70% of banks operating in Egypt currently meet the increased capital requirements<\/a> contained in the draft Banking Act, CBE Deputy Governor Gamal Negm said yesterday<\/a>. Speaking on the sidelines of the Nile Pioneers Initiative<\/a>, Negm told reporters that the remaining 30% will have a deadline to raise the extra capital, without providing specifics. This is likely to result in a spate of new mergers and acquisitions for smaller local banks that are unable to raise paid-up capital or boost their earnings. The draft law will raise capital requirements for all banks apart from SME lenders and digital banks<\/a>. The requirements for local banks will rise tenfold to EGP 5 bn and threefold for foreign banks to USD 150 mn.<\/p>\n

T<\/strong>he House Economic Committee is almost done reviewing the draft legislation,<\/strong> and will soon hand it over to the general assembly for a vote, Al Shorouk reported Negm as saying<\/a>. The bill, which has been in the works since 2017<\/a>, would grant the CBE increased oversight over the banking sector, introduce measures governing e-payment, fintech businesses, and cryptocurrencies, and strengthen data protection and consumer privacy. You can find out more about the details of the legislation here<\/a> and here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most banks are ready for the Banking Act\u2019s new capital requirements: Around 70% of banks operating in Egypt currently meet the increased capital requirements contained in the draft Banking Act, CBE Deputy Governor Gamal Negm said yesterday. Speaking on the sidelines of the Nile Pioneers Initiative, Negm told reporters that the remaining 30% will have […]<\/p>\n","protected":false},"author":1,"featured_media":569747,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[3679,4728,72,274,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking-act","tag-economic-committee","tag-enterpriseam","tag-house-of-representatives","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b27d1a1d-3401-4106-be06-e847d751b484","is_powered_by":true,"section_story_id":"9bffee6e-416f-4540-ab3d-efaa7a88b1fa","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/72.jpg","photo_position":"above","related_issue":[569731],"teaser":"","voice_url":""},"yoast_head":"\nBanking Act receives committee-level approval at Egypt\u2019s parliament - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking Act receives committee-level approval at Egypt\u2019s parliament\" \/>\n<meta property=\"og:description\" content=\"Most banks are ready for the Banking Act\u2019s new capital requirements: Around 70% of banks operating in Egypt currently meet the increased capital requirements contained in the draft Banking Act, CBE Deputy Governor Gamal Negm said yesterday. Speaking on the sidelines of the Nile Pioneers Initiative, Negm told reporters that the remaining 30% will have […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-05T04:00:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/72.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Banking Act receives committee-level approval at Egypt\u2019s parliament\",\"datePublished\":\"2020-03-05T04:00:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\"},\"wordCount\":216,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/3\/72.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banking Act\",\"Economic Committee\",\"EnterpriseAM\",\"House of Representatives\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/banking-act-receives-committee-level-approval-at-egypts-parliament\/\",\"name\":\"Banking Act receives committee-level approval at Egypt\u2019s parliament - 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Foreign banks operating in Egypt will see their capital requirements triple to USD 150 mn. Banks\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569787,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/major-international-bank-seeks-entry-into-egypt\/","url_meta":{"origin":569746,"position":1},"title":"Major international bank seeks entry into Egypt","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Major international bank seeks entry into Egypt: An unnamed \u201cmajor\u201d international bank has approached the Central Bank of Egypt (CBE) to acquire a banking license, Deputy Governor Gamal Negm said on the sidelines of an ongoing forum held by the Union of Arab Banks in Hurghada, according to Al Masry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/85.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567253,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/house-committee-asks-amer-to-clarify-aspects-of-banking-act\/","url_meta":{"origin":569746,"position":2},"title":"House committee asks Amer to clarify aspects of Banking Act","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee asks Amer to clarify aspects of Banking Act: The House of Representatives\u2019 Economic Committee has approved the proposed overhaul of the Central Bank and Banking Act in principle but asked central bank Governor Tarek Amer to clarify several aspects of the bill, according to Al Mal.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/621.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569196,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/17\/sme-lenders-and-digital-banks-to-be-made-exempt-from-new-capital-requirements-in-proposed-banking-act\/","url_meta":{"origin":569746,"position":3},"title":"SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act","author":"enterpriseam admin","date":"17 February 2020","format":false,"excerpt":"EXCLUSIVE- SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act: The proposed Banking Act would exempt SME lenders and digital banks from complying with new capital requirements designed to increase the stability of the financial sector, a Central Bank of Egypt (CBE)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/216.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593657,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-united-bank-sale-moving-forward-amer-says\/","url_meta":{"origin":569746,"position":4},"title":"Egypt\u2019s United Bank sale moving forward, Amer says","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"M&A WATCH- United Bank sale moving forward: The CBE has appointed one local and one foreign lead advisor on the expected sale of state-owned United Bank, which is \u201cmoving forward,\u201d CBE Governor Tarek Amer told reporters at a presser on Thursday, according to Reuters. Authorities should approve the banks\u2019 names\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/17\/lending-by-banks-nbfi-arms-to-count-toward-single-obligor-limits\/","url_meta":{"origin":569746,"position":5},"title":"Lending by banks\u2019 NBFI arms to count toward single obligor limits","author":"enterpriseam admin","date":"17 October 2019","format":false,"excerpt":"REGULATION WATCH- CBE issues new regs to reduce bank lending risks: Restrictions placed on bank lending to corporate borrowers will now take into account loans made by non-bank affiliates (so-called NBFIs, or non-bank financial institutions). The measures are part of new CBE regulations (pdf) designed to diversify credit portfolios of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=569746"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/569746\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/569731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/569747"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=569746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=569746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=569746"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=569746"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=569746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}