The Central Bank of the United Arab Emirates announced an inspection of the branches of Misr Bank, Egypt's second-largest bank, in the country. The decision comes following the sanctions imposed by the United States on this subsidiary.
The United States accuses the Misr Bank subsidiary in the United Arab Emirates of functioning as a fundamental financial axis for the Iranian regime. This accusation led Washington to impose sanctions on the Egyptian banking institution.
The inspection ordered by the Emirati central bank aims to verify the activities of the Misr Bank branches in the territory of the United Arab Emirates. The Egyptian bank is the second largest in Egypt in terms of assets and size.
