National Bank of Egypt to Buy Banque Misr's Operations in UAE

05:54 AM EDT, 09/23/2026 (MT Newswires) -- National Bank of Egypt offered to purchase the operations of Egyptian lender Banque Misr in the United Arab Emirates, a few weeks after the US Treasury threatened to sanction the branch. The Central Bank of the UAE issued a preliminary approval for the deal between the Egyptian government-owned lenders, according to a joint release late Tuesday. Banque Misr cited efforts to keep up with "the developments currently taking place in foreign banking markets and the requirements arising from them" as the reason for the deal. The US Treasury on Aug. 28 issued a notice threatening to revoke Banque Misr UAE's correspondent banking access to US financial institutions for allegedly helping the Iranian regime secure US dollars.