US Treasury Targets Egyptian Bank's UAE Branches Over Iran Ties

The U.S. Treasury Department moved on Friday to sever the United Arab Emirates branches of Egypt's second-largest bank, Banque Misr, from the American financial system, alleging the institution served as a conduit for Iranian shadow banking networks. The proposed rule, announced by Treasury Secretary Scott Bessent, would prohibit U.S. banks from facilitating transactions involving Banque Misr's UAE operations, marking a significant escalation in Washington's campaign to economically isolate Tehran. The action targets the UAE-based branches specifically, leaving the parent Egyptian lender's operations elsewhere unaffected.