The CBE will be ready to send the amended Central Bank and Banking Act to the “relevant authorities for approval” in a month after its board finishes discussions on the legislation, Governor Tarek Amer said yesterday. “The amendments rest on the principles of good governance and aim to give the CBE better tools to help regulate the economy and the banking sector,” said Amer. He added that delegations from the CBE had been sent to places such the UK to examine regulatory best practices and legislation in drafting the amendments. Amer struck a sharp tone, saying he would not kowtow to pressure on the amendments, but said he did welcome diverging opinions. The CBE has received notes and suggestions from the Federation of Egyptian Banks, which had objected to a number of proposed amendments, including those on setting term limits for bank managing directors and suggesting that banks kick in 5% of their bottom lines annually for an industry development fund.

IPO of state banks will follow Enppi: Amer, speaking at the Alliance for Financial Inclusion’s (AFI) ninth annual Global Policy Forum in Sharm El Sheikh, which the CBE is hosting, also revealed that the central bank is awaiting the results of Enppi’s listing of 24% of its shares in 4Q2017 before moving forward with the IPO of state-owned banks — the first of which will be Banque du Caire.

As for the sale of United Bank, Amer said the institution, which is now reportedly profitable, is currently being restructured ahead of a sale to a strategic investor.

And speaking of state-owned banks, Prime Minister Sherif Ismail signed off on the shakeup of state-owned bank managing directors, including the National Bank of Egypt, Banque Misr, Banque du Caire, Amer said. The shakeup was at one time said to be behind the delayed listing of Banque du Caire.