Egypt's NBE steps in to buy Banque Misr's UAE operations after sanctions threat

National Bank of Egypt has stepped in to acquire Banque Misrs branches in the United Arab Emirates the two Egyptian lenders said on Tuesday weeks after the branches were threatened by the US Treasury with sanctions over links to Iran The US Treasury said on August 28 that it viewed the branches as a critical node for the Iranian governments access to US dollars and proposed revoking Banque Misr UAEs correspondent banking access to US financial institutions