{"id":605011,"date":"2018-12-19T04:17:38","date_gmt":"2018-12-19T04:17:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/cbe-considering-allowing-new-intl-banks-to-enter-egypt\/"},"modified":"2018-12-19T04:17:38","modified_gmt":"2018-12-19T04:17:38","slug":"cbe-considering-allowing-new-intl-banks-to-enter-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/19\/cbe-considering-allowing-new-intl-banks-to-enter-egypt\/","title":{"rendered":"CBE considering allowing new int\u2019l banks to enter Egypt"},"content":{"rendered":"

<\/a> Will the central bank issue new licenses to international players looking to set up shop in Egypt? <\/b>The Central Bank of Egypt is mulling whether to resume issuing licenses to international banks that want to open in Egypt, according to a report in state news agency MENA picked by Al Shorouk<\/a>. The move will help boost confidence in the Egyptian economy and the banking sector, a CBE official told the state news agency, while also enhancing competitiveness. Several international banks have expressed interest in entering the Egyptian market, the unnamed source added.<\/p>\n

Why this matters: <\/b>Egypt has for years refused to issue new banking licenses, pointing potential market entrants \u2014 foreign and domestic, provided their names do not start with \u2018Naguib\u2019 and end with \u2018Sawiris\u2019 \u2014 to potential acquisition targets among the country\u2019s nearly 40 licensed banks. The preference at the central bank for acquisitions over new licenses goes back to the early-to-mid 2000s, when it successfully drove the cleanup and consolidation of the banking industry after the non-performing loans crisis of the late 1990s (and the ex-bank pyramid \/ Ponzi schemes of the 1980s<\/a> that tarnished the reputation of financial services for a generation).<\/p>\n

Questions to ask yourself this morning:<\/b> Did MENA get it right? If so, does the report mean rep office licenses (relatively easy to acquire) or new, full-service banking licenses? Is this for foreign entrants only, or would domestic players be allowed to apply? And is this a genuine trial balloon or a straw man \u2014 a bargaining chip in the ongoing behind-the-scenes fight over the still-not-released amendments to the Central Bank and Banking Act? Readers will remember the proposed changes to the act were controversial in the industry for proposals including term limits on bank MDs and a tithe on bank profits to endow an industry development fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

Will the central bank issue new licenses to international players looking to set up shop in Egypt? The Central Bank of Egypt is mulling whether to resume issuing licenses to international banks that want to open in Egypt, according to a report in state news agency MENA picked by Al Shorouk. The move will help […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[204,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605011","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-banking","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2b7447c1-fd90-4e93-9d7d-b8757b670552","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[605006],"teaser":"","voice_url":""},"yoast_head":"\nCBE considering allowing new int\u2019l banks to enter Egypt - 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\/2018\/12\/19\/cbe-considering-allowing-new-intl-banks-to-enter-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE considering allowing new int\u2019l banks to enter Egypt\" \/>\n<meta property=\"og:description\" content=\"Will the central bank issue new licenses to international players looking to set up shop in Egypt? 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Amer made no further comment, but another report suggests that a European bank and two\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568973,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/","url_meta":{"origin":605011,"position":2},"title":"Is Ahli United Bank looking to sell its Egypt unit?","author":"enterpriseam admin","date":"10 February 2020","format":false,"excerpt":"M&A WATCH- Is Ahli United Bank looking to sell its Egypt unit? Ahli United Bank could be looking to sell its Egypt arm after its recent acquisition by Kuwait Finance House (KFH), the local press reported, citing unnamed sources. The Kuwaiti bank is required to obtain a separate Islamic banking\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\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598589,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/crypto-businesses-will-need-to-obtain-licenses-under-proposed-banking-act\/","url_meta":{"origin":605011,"position":3},"title":"Crypto businesses will need to obtain licenses under proposed Banking Act","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Aspiring crypto businesses are going to need licenses: Companies looking to establish digital currency and cryptocurrency platforms will be required to obtain licenses under the proposed Banking Act, an unnamed central bank official told state news agency MENA without providing further details. The bill would also give the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546382,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/first-digital-banking-licenses-to-be-issued-in-coming-weeks\/","url_meta":{"origin":605011,"position":4},"title":"First digital banking licenses to be issued in coming weeks","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"WATCH THIS SPACE- The CBE is getting ready to hand out its first digital banking licenses, according to bank sub-governor Rami Aboulnaga, who said Thursday that licenses would be handed out \u201cduring the next few weeks,\u201d the state-run MENA agency reported him as saying.Five banks have so far submitted bids\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571603,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/18\/house-approves-draft-banking-act-with-new-provisions\/","url_meta":{"origin":605011,"position":5},"title":"House approves draft Banking Act with new provisions","author":"enterpriseam admin","date":"18 May 2020","format":false,"excerpt":"LEGISLATION WATCH- House approves draft Banking Act with new provisions: The House of Representatives has approved the long-awaited Banking and Central Bank Act with several new provisions and shipped it off to the State Council for final legal review, the local press reported yesterday, citing MENA. The legislation, which received\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\/5\/188.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\/605011","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=605011"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605011\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605006"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605011"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605011"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}