{"id":598340,"date":"2019-05-22T03:49:16","date_gmt":"2019-05-22T03:49:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/"},"modified":"2019-05-22T03:49:16","modified_gmt":"2019-05-22T03:49:16","slug":"commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/","title":{"rendered":"Commercial banks could see capital requirements rise tenfold under Banking Act amendments"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <b>LEGISLATION WATCH- Capital requirements for commercial banks could rise tenfold <\/b>to EGP 5 bn under proposed amendments to the Banking Act, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/5\/21\/1571650\/%D9%85%D8%B3%D8%A6%D9%88%D9%84-%D8%A8%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D9%83%D8%B4%D9%81-%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%AC%D9%87%D8%A7%D8%B2-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-\">Masrawy reported<\/a>, quoting an unnamed CBE official\u2019s statements to state news agency MENA. Foreign banks operating in Egypt will see their capital requirements triple to USD 150 mn. Banks will have three years in which to raise the required capital.<\/p>\n<p><b>Is a wave of new M&As on the horizon?<\/b> \u201cWe\u2019re likely to see mergers and acquisitions for some small banks which are unable to raise capital,\u201d National Bank of Egypt Deputy Chairman Yehia Abouel Fotouh told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-05-21\/egypt-bank-mergers-on-cards-as-higher-capital-requirements-loom?srnd=premium-middle-east\">Bloomberg<\/a>. Listed banks, though, could meet the requirements \u201cthrough their retained earnings via stock-dividend distribution,\u201d Bloomberg quoted head of financials for MENA at Renaissance Capital Nancy Fahmy as saying. Fahmy also told Enterprise \u201cthat there are several options on the table, as some foreign banks could for example seek funding their capital increase form the parent bank. Higher capital requirements also opens room for sector consolidation.\u201d<\/p>\n<p><b>That industry development fund? It\u2019s back. <\/b>The draft law <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/5\/21\/1571684\/%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D9%84%D8%AF%D8%B9%D9%85-%D9%88%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D8%A7%D9%84%D8%AC%D9%87%D8%A7%D8%B2-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A-%D9%81%D9%8A-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF\">seen by Masrawy<\/a> confirmed plans to set up a development fund for the banking industry. Banks would reportedly pay a maximum of 1% of net profits towards the fund, a provision that stirred controversy it was first leaked back in 2017. <b>Look for pushback from publicly traded banks here: <\/b>The tithe is effectively a tax hike to endow a fund that publicly traded banks figure they can easily continue to do without.<\/p>\n<p><b>No terms limits for boards?<\/b> <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/21\/banking-act-to-impose-term-limits-on-board-members-at-state-owned-banks\/\">We noted yesterday<\/a> a report that the act would likely impose a three-term limit for board members of state-owned banks. That may not be the case after all: \u201cThe new draft law [does] not set certain number of terms for banks' officials, <b>including the heads of the banks<\/b> and board members,\u201d <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/331976\/Egypt\/Politics-\/Egypts-new-banking-bill-to-set-new-regulations-for.aspx\">Ahram Online<\/a> reports in a rundown on the MENA story. (The draft leaked in 2017 would have imposed term limits for bank managing directors.)<\/p>\n<p><b>Forex bureaus will also need to raise more capital:<\/b> Capital requirements for foreign exchange bureaus will rise fivefold to EGP 25 mn, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/5\/20\/1571435\/%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%8A%D8%B1%D9%81%D8%B9-%D8%B1%D8%A3%D8%B3-%D9%85%D8%A7%D9%84-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%B5%D8%B1%D8%A7%D9%81%D8%A9-%D8%A5%D9%84%D9%89-25-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87-\">according to Masrawy<\/a>. Newly-established bureaus would also be required to pay an EGP 100k licensing fee and EGP 50k for each subsequent branch.<\/p>\n<p><b>Where do we currently stand on the legislation? <\/b>The current draft has been with the Madbouly Cabinet for review since January and is <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/19\/what-were-tracking-on-19-may-2019\/\">due to be introduced<\/a> to the House of Representatives by the end of the month. If passed, the draft would not go into effect until it is signed into law by President Abdel Fattah El Sisi.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>LEGISLATION WATCH- Capital requirements for commercial banks could rise tenfold to EGP 5 bn under proposed amendments to the Banking Act, Masrawy reported, quoting an unnamed CBE official\u2019s statements to state news agency MENA. Foreign banks operating in Egypt will see their capital requirements triple to USD 150 mn. Banks will have three years in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":598341,"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":[204,271,72,180,343,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-598340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-legislation","tag-regulation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"34faae90-6862-45e1-a64f-33678239503d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/310.jpg","photo_position":"above","related_issue":[598335],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Commercial banks could see capital requirements rise tenfold under Banking Act amendments - 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\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commercial banks could see capital requirements rise tenfold under Banking Act amendments\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Capital requirements for commercial banks could rise tenfold to EGP 5 bn under proposed amendments to the Banking Act, Masrawy reported, quoting an unnamed CBE official\u2019s statements to state news agency MENA. Foreign banks operating in Egypt will see their capital requirements triple to USD 150 mn. Banks will have three years in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-22T03:49:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/310.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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Commercial banks could see capital requirements rise tenfold under Banking Act amendments\",\"datePublished\":\"2019-05-22T03:49:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\"},\"wordCount\":438,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/310.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"Central Bank of Egypt\",\"EnterpriseAM\",\"legislation\",\"regulation\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\",\"name\":\"Commercial banks could see capital requirements rise tenfold under Banking Act amendments - 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Speaking on the sidelines of the Nile Pioneers Initiative, Negm told reporters that\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/72.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":598340,"position":1},"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 &quot;Speed Round&quot;","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":544572,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/","url_meta":{"origin":598340,"position":2},"title":"Banks have until September to comply with new capital requirements","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"Banks now have until 14 September to comply with the new capital requirements in the 2020 Banking Act after the central bank agreed to extend the deadline by a year, according to adecree published in the Official Gazette (pdf).The rules: Under the legislation, banks have to have at least EGP\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645518,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/24\/al-mal-leaks-amendments-to-banking-acts\/","url_meta":{"origin":598340,"position":3},"title":"Al Mal leaks amendments to banking acts","author":"enterpriseam admin","date":"24 July 2017","format":false,"excerpt":"Purported amendments to the banking and central banking acts have leaked: Al Mal has published its take on what it says are leaks of the most important planks of the Central Bank of Egypt\u2019s proposed amendments to the banking and central banking acts. It says there are five major surprises\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549915,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/cbe-move-to-raise-up-reserve-requirements-logical-says-hsbc-egypt-ceo\/","url_meta":{"origin":598340,"position":4},"title":"CBE move to raise up reserve requirements \u201clogical,\u201d says HSBC Egypt CEO","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"The Central Bank of Egypt\u2019s decision to increase the reserve ratio to 18% was \u201clogical\u201d given current global economic conditions, HSBC Egypt CEO and Deputy Chair Todd Wilcox told CNBC Arabia (watch, runtime 2:34). Wilcox said the decision would have a \u201cminimal effect\u201d on HSBC\u2019s bottom line in the short\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562380,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cbe-to-issue-regulatory-framework-for-specialized-banks-by-july\/","url_meta":{"origin":598340,"position":5},"title":"CBE to issue regulatory framework for specialized banks by July?","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"Specialized banks could have a regulatory framework by July under proposed amendments to the newly passed Banking Act which would see the issuance of licenses for banks focused on SME, digital, and payments banking, unnamed banking officials told Masrawy. 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