UAE Gives Preliminary Approval for NBE to Acquire Banque Misr UAE Operations Amid FinCEN Scrutiny

Last updated: 23 September 2026.

The Central Bank of the UAE has given preliminary approval for National Bank of Egypt (NBE) to acquire Banque Misr’s UAE operations, Reuters reported on 22 September, marking a significant new stage in the regulatory response to U.S. money-laundering concerns surrounding the branches.

According to the report, the two Egyptian state-owned banks described the transaction as a strategic reorganisation of their international operations. The development follows the UAE regulator’s urgent review of Banque Misr’s UAE branches after the U.S. Treasury proposed cutting the branches off from U.S. correspondent banking access.

FinCEN proposal remains pending

On 28 August 2026, the U.S. Treasury’s Financial Crimes Enforcement Network proposed identifying Banque Misr UAE as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. FinCEN proposed prohibiting U.S. financial institutions from opening or maintaining correspondent accounts for or on behalf of Banque Misr UAE and requiring special due diligence to prevent foreign correspondent accounts from being used to process transactions involving the branches.

FinCEN said Banque Misr’s UAE branches processed approximately US$1.8 billion in transactions for 103 companies that may have been connected to Iranian shadow-banking networks between January 2024 and June 2026. The proposed measure applies only to Banque Misr UAE, not to the bank’s operations in Egypt or other jurisdictions.

The proposed U.S. rule has not been finalised. The preliminary approval for NBE’s acquisition therefore does not itself resolve FinCEN’s finding or determine how the proposed Section 311 measure would apply if ownership of the UAE operations changes.

From supervisory review to proposed acquisition

The UAE and Egyptian central banks had previously said they were coordinating over the matter and that Banque Misr’s UAE branches would continue operating while the authorities addressed the U.S. proposal. The UAE regulator also ordered a special and urgent examination, including a forensic lookback focused on the period and transactions identified by U.S. authorities.

The proposed acquisition is a further development in the same regulatory sequence rather than a separate AML enforcement case. Final transaction terms, completion conditions and the ultimate regulatory treatment of the UAE operations remain subject to further developments.

Sources

U.S. Department of the Treasury, Financial Crimes Enforcement Network (FinCEN), 28 August 2026: Proposal of Special Measure Regarding Banque Misr UAE as a Financial Institution Operating Outside of the United States of Primary Money Laundering Concern.