Egypt - Renewal of Banking Business License

Advertisement

Procedure

Apply In-Person:

1. To Renewal of Banking Business License in person, the applicant has to approach the Central Bank of Egypt link
2. The applicant must visit the office to obtain an application form for Renewal of Banking Business License from the respective department, as per the required criteria.
3. The applicant must fill in all the necessary details on the application form.
4. Once the application form has been filled out, the applicant should attach all the necessary documents, such as a copy of their current banking license, a copy of their Articles of Association, audited accounts, and evidence of capital adequacy, all of which can be found under the "Required Documents" section of this page.
5. A fee for this procedure is has to be paid as per the authority’s request.
6. The applicant should submit their application and relevant documents to the CBE for review, and the CBE will then assess and decide whether to approve the renewal.
7. After submitting the applicant application, the Central Bank of Egypt will review it and may request additional information to complete the process.
8. The applicant must wait for the Central Bank of Egypt to review their application and make a decision.
9. Meanwhile, the applicant can also inquire at the office to find out the status of their application.
10. Once all the internal processes are completed, the application will be approved, and the applicant will be notified of the approval via phone or email.
11. After receiving their notification, they can get a new Banking Business License, valid for five years.
12. The processing time for a Renewal banking License is 30-45 days from the date of submission.

Advertisement

Required Documents

• A copy of the existing Banking Business License
• A copy of the latest audited financial statement
• A copy of the latest board resolution authorizing the renewal of the Banking Business License
• A statement of the capital of the bank
• A list of shareholders
• Copies of identification documents of the bank’s shareholders
• A copy of the bank’s Articles of Association
• An up-to-date list of the bank’s directors
• Copies of identification documents of the bank’s directors
• A copy of the bank’s risk management policy
• A copy of the bank’s internal control system
• Proof of payment of required renewal fees

Office Locations & Contacts

Central Bank of Egypt
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

Egyptian Financial Supervisory Authority
Address: EFSA's headquarter in Cairo (1)
28 Talat Harb street
P.O box 25450 Cairo
Second and third floor
Telephone number: 25758807 / 25758423/ 25758822/ 25762994
Fax number: 25758581/ 25758645
For further information please contact the call center- 19053

Address: EFSA's headquarter in Cairo (2 )
20 Emad Eldeen Street
Fourth, fifth and sixth floor
Cairo P.O box 618, postal code 11111
Telephone number: 25798316/ 25772277/ 25798313
Fax number: 25789312

Address: EFSA's headquarter in Giza
Elmanstrli Towers Elbaher Elaazam street Giza
Second floor
Telephone number: 35737179
FAX number: 35736721
E-mail address: [email protected]
Contact link

Eligibility

• In Egypt, any entity that meets the requirements stipulated by the Central Bank of Egypt can apply for a renewal of a Banking Business License.
• The entity must also demonstrate that it has adequate resources, experience, and expertise in banking, and must comply with all relevant laws and regulations.
• The entity must have a business plan that is approved by the Central Bank of Egypt.

Fees

• The license fee is EGP 30,000.

Validity

• The license is valid for 5 years.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time for a Renewal SACCO License in Egypt is approximately 30-45 days from the date of submission.

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.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Contact the Central Bank of Egypt. The Central Bank of Egypt is the regulator responsible for overseeing collective investment schemes in Egypt.
• Prepare the necessary documents and information required by the Central Bank of Egypt. This includes a business plan, financial statements, legal documents, and due diligence reports.
• Submit the application and documents to the Central Bank of Egypt. It is important to ensure that all documents are complete and accurate.
• Pay the relevant registration fees. The Central Bank of Egypt will assess the application and make a decision.
• If the application is approved, the Central Bank of Egypt will issue a renewal certificate.

Required Information

• The name of the company
• Full Name of Applicant
• Address of Applicant
• Location of Commercial bank
• previous Commercial bank License Number
• Full names, addresses and designations of the employees of the bank.
• The name of the company
• The company's objects or authorized business
• That the company can enter into a legally binding agreement
• The name of the first directors of the company
• That the powers of the directors are limited in accordance with the law
• The number of shares in which the company is registered
• The number of shares each subscriber will own on incorporation and the amount payable for the shares
• A declaration that the liability of the members of the company is limited
• A business plan and financial projections (income statement, balance sheet, and cash flow) for the first five (5) years of operations.

Need for the Document

• The renewal of a banking business license in Egypt is required to ensure banks are compliant with the country’s banking laws and regulations, as well as its monetary policies.
• It is also necessary to ensure that banks can protect the funds and accounts of their customers and to safeguard against money laundering and other financial crimes.
• Additionally, the renewal process helps to ensure that banks can meet their obligations to their customers and to the financial markets in which they operate.

Information which might help

Enter other informations which might help.

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

Link
Link

Others

More information which might help people.