The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) to strengthen cooperation in banking supervision.
Under the MoU, the two parties would work on identifying mechanisms of cooperation and exchanging information on the ownership structure of licensed financial institutions, authorizing acquisitions and conducting inspection of licensed financial institutions, the CBE said in a statement on Thursday.
The two banks agreed to carry out consultation before giving a permit to establish a cross-border local bank in the other country and inform each other of any significant changes in the regulatory requirements of the two countries’ jurisdictions, the statement added.
