Al-Marsad newspaper: Bloomberg Agency said that the Central Bank of Egypt imposed an unprecedented fine on First Abu Dhabi Bank Egypt, amounting to one billion pounds (about 21 million dollars), in a step that is considered the largest in the history of the Egyptian banking sector.
Dismissal of the head of the credit risk sector
She continued, “The Central Bank also decided to dismiss the head of the credit risk sector at the bank, while it is expected that the dismissals will extend to include other leaders during the coming period.”
National Bank of Kuwait
She pointed out that several other banks, including the National Bank of Kuwait – Egypt, were subjected to smaller fines due to similar violations, as the “National Bank of Kuwait” fine amounted to about 170 million pounds.
Illegal uses
The Central Bank of Egypt claimed that this decision comes to control illegal uses or violations of monetary policies.
