Misr Bank, Egypt's second largest bank, guaranteed today full cooperation with the United States, after the threat of American sanctions against its branch in the United Arab Emirates. The Egyptian banking institution responded this way to the concerns raised by American authorities.
The sanction threat arises because Misr Bank's branch in the United Arab Emirates was reportedly negotiating with Iran, a country under various sanctions imposed by the United States. American authorities have been pressuring financial institutions worldwide not to maintain commercial relations with Tehran.
Misr Bank assured that it will fully cooperate with US authorities to clarify the situation and avoid any type of penalty. This guarantee comes at a time when tensions between the United States and Iran remain high, and Washington maintains a maximum pressure policy on Tehran.
The situation highlights the challenges that Egyptian banks face when operating in countries of the region, having to balance their commercial relations with the need to avoid American sanctions that could seriously harm their international activity.
