Egypt - Apply for Representative Offices of Foreign Banks

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Procedure

Apply In-Person:

1. To Apply for Representative Offices of Foreign Banksin person, the applicant has to approach the Central Bank of Egypt.
2. Address and contact details can be found in the following Contact link
3. Submission of a formal letter to the Central Bank from the foreign institution expressing intention to seek authority to open and operate a Representative Office in Egypt.
4. All documents submitted should be in the English language. Certified English translations should be provided for all submissions originally rendered in a language other than English. Translation certificates should be attached to the translated documents and should state, as a minimum:
   • The name(s) and qualification(s) of the translator.
   • That the translator understands the language, in which the original versions of the documents in question have been prepared.
   • The translation is true, accurate, and correct to the best of the translator’s knowledge and ability.
   • The certificate should preferably be made under oath or notarized to provide assurance of its validity, and The Central Bank reserves the right to request additional information, statements or documents as it shall deem necessary for purposes of determining an application.
5. Alongside the aforementioned formal letter, the applicant should submit all the required documents that are required for this process to be successful and it can be found under the "Required Documents" section on this page.
6. Payment of appropriate fees should be made and that can be found under the "Fees" section of this page.
7. Submit the completed forms along with the supporting documents at the respective office for verification and processing.
8. In processing an application by a foreign institution to open a Representative Office in Egypt, the Central Bank shall have the right to object to the name under which the prospective Representative Office proposes to operate in Egypt if the Central Bank deems such name to be inappropriate, ambiguous, potentially misleading or confusing to the public.
9. Upon meeting all the requirements, the CBE will grant the applicant an approval in principle to open a representative office in Egypt.
10. The Processing time for this procedure is 1 month.

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Required Documents

• Duly completed Fit and Proper Application Forms.
• A notarized copy of the nominee’s valid passport (for foreign nationals).
• A certified copy of a national identity card (for Egyptian citizens).
• Up-to-date and detailed curriculum vitae.
• Copies of the nominees academic and professional certificates.
• Copies of any testimonials if available.
•  Notarized copy of the Certificate of Incorporation of the foreign institution.
• Notarized copy of the Articles and Memorandum of Association of the foreign institution.
• A complete list of the Applicants Board of Directors and Chief Executive Officer.
• A notarized extract of the minutes of the Applicants Board meeting passing the resolution.
• A statement identifying the kind of business intended to be conducted.
• A notarized copy of the Applicants valid licence to conduct banking business.
• Certified copies of the audited financial statements for each of the three years.

Office Locations & Contacts

Central Bank of Egypt
Address: Main Branch View Branch On
Map. Address: 54 El Gomhoureya St. 11511, Cairo Governorate, Egypt.
E-mail: [email protected]
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Eligibility

• Foreign banks who wish to have a presence in the country without having to launch fully-fledged banking operations.

Fees

• Application fee: EGP 5,000
• License fee: EGP 20,000

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

All documents submitted should be in the English language. Certified English translations should be provided for all submissions originally rendered in a language other than English. Translation certificates should be attached to the translated documents and should state, as a minimum:

• The name(s) and qualification(s) of the translator.
• That the translator understands the language, in which the original versions of the documents in question have been prepared.
• The translation is true, accurate, and correct to the best of the translator’s knowledge and ability.
• The certificate should preferably be made under oath or notarized to provide assurance of its validity, and The Central Bank reserves the right to request additional information, statements or documents as it shall deem necessary for purposes of determining an application.

Required Information

• Name of the institution
• Type of business
• Full address
• Date and country of incorporation
  • Branch offices
  • Former name(s) by which the institution has been known
  • Whether the institution been denied authority by any supervisory body or Government to carry on any business activity in Egypt or elsewhere. If so, give particulars.
  • Whether an inspector or other authorized officer of any Government Ministry, Department or Agency, Professional Association or other regulatory body investigating or has such an investigation ever previously taken place into the affairs of the institution. If so, give particulars.
  • Whether the institution been refused entry in Egypt or elsewhere to any professional body or trade association concerned with banking or financial activities or decided not to apply for entry after making an approach. If so, give particulars.
• Whether the institution been put under receivership or made any compromise or arrangement with its creditors in the past or otherwise failed to satisfy creditors in full. If so, give particular.
• Details of representative office in Egypt:
  • Physical address of the office LR No., Building, Street, Town, Postal address and Telephone Numbers.
  • Names, designations and qualifications of the designated Chief Representative Officer for the Egypt office.
  • Names, designations and qualifications of the senior officers to operate the Kenya office.
  • Number and designation of other staff.
  • Type of services to be offered by the Egypt Office.
  • Whether you plan to change the status of the proposed place of business. If yes, state purpose of proposed type of status and when.
  • Proposed date of commencing operations.

Need for the Document

• Academic studies on the benefits of foreign banks have shown mixed results. Several studies conclude that foreign banks play a positive economic role, especially in emerging markets, by increasing local banks' efficiency and lowering financial intermediation costs.

Information which might help

• Representative Offices of Foreign Banks in Egypt are established by foreign banks who wish to have a presence in the country without having to launch fully-fledged banking operations.
• They are authorized and overseen by the Central Bank under the Banking Act and only permitted to undertake research, marketing and liaison roles on behalf of their parent and affiliated institutions.
• They are therefore not allowed to conduct banking business.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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