122
Framework Sector and Money
contains the legal basis
for the oversight
function of the Central
Bank of Egypt (CBE).
Bank Indonesia (17
May 1999), then
amended with UU
No.3/2004 (15 January
2004)
related to payment
systems in the WAEMU
space issued on
September 2002.
its Governor are
operationally
independent in making
decisions on banking and
payment supervision.
Decree No. 24 of 1991),
CBN Decree
Amendments No. 3 and
No. 4 of 1997, No. 37 of
1998, No. 38 of 1998,
1999 and CBN Act of
2007.
bank established under
the State Bank of
Pakistan Act, 1956. The
other banking
companies in Pakistan
were established under
the Banking Companies
Ordinance, 1962. The
Financial Institutions
(Recovery of Finances)
Ordinance, 2001
provides the legal
structure and procedure
for the recovery of
finances.
responsible for securing
the objectives of financial
system stability as well as
the operation, regulation
and oversight of payment
systems in Turkey. The
Banking Regulation and
Supervision Agency
(BRSA), which was
established under the
Banks Law (Law No 4389
enacted in 1999; repealed
by the Banking Law, Law
No 5411 enacted in 2005),
issues licences, and
regulates and supervises
all major financial
institutions. Turkey’s
Electronic Payment Law,
which was enacted on 20
June 2013, represents an
alignment with European
Union legislation.
bank, the monetary
system, as well as
organisation of banking
and payment systems.
Banking
service
provision
There are 5 public
sector banks, 27
private and joint-
venture banks and
eight branches of
foreign banks
operating in Egypt. The
Egyptian banking
sector is dominated by
two state-owned
institutions: the
National Bank of Egypt
and Banque Misr. The
CBE has implemented
several banking
reforms over the past
few years, including
the application of Basel
II standards, which
banks are expected to
comply with by June
2013. The capital
adequacy ratio
reached approximately
13.0% in December
2013 compared to the
minimum ratio of 10%.
Additionally the CBE
has exempted banks'
deposits from the
required reserve ratio,
in order to help
provide finance to
SMEs in the country.
Foreign banks are
prominent within the
financial sector and
There are 120
commercial banks in
Indonesia (four state-
owned commercial
banks, 79 private
national banks, 26
government regional
banks and 11 private
Islamic commercial
banks). Since 1999
Indonesia has opened
up its financial sector
to foreign banks in
order to recapitalise
some domestic banks
and both foreign and
domestic entities are
now permitted to
purchase up to 99% of
a domestic bank’s
shares. Foreign banks
have purchased a
number of domestic
banks and around 50%
of all banking assets in
Indonesia are now
foreign-owned.
There are more than 20
banks, including
international banks,
regional banks, and
private banks (2012),
including Banque
Atlantique Côte d'Ivoire
(BACI), Bank of Africa -
Côte d'Ivoire, Societe
Generale de Banques en
Côte d'Ivoire, Standard
Chartered Bank Côte
d'Ivoire, and Ecobank
Côte d'Ivoire.
In 2011, there were 76
financial institutions,
including 16 commercial
banks, 37 financing
companies, 6 offshore
banks, 14 micro-finance
associations. The main
banks in Morocco are
Banque Commercial du
Maroc (BCM), Banque
Marocaine du Commerce
Exterieur (BMCE), Banque
Marocaine du Commerce
et de l'Industrie (BCMI)
and Credit de Maroc
(CDM).
There are 24 banks
operating in Nigeria.
There also exists a
network of highly
structured community,
development and
microfinance banks and
financial institutions,
which serve SMEs and
microfinance needs. The
Nigerian financial
market is largely
dominated by domestic
players, with a few
foreign banks. The key
domestic players are
First Bank, Zenith Bank,
Guaranty Trust Bank and
United Bank for Africa
(UBA). These banks have
a wide branch network
(unlike the foreign
banks, Stanbic IBTC
being an exception)
beyond the main
commercial cities. In late
2010, Nigeria's
government announced
fundamental changes to
the structure of the
banking sector, forgoing
the universal banking
model, and splitting the
banking sector into
three categories:
commercial banks,
merchant banks (which
There are 5 public sector
commercial banks with
2,022 total branches, 22
local private banks with
8,388 total branches, 7
foreign banks with 27
branches, as well as 4
specialised banks with
547 branches.
There are 47 banks (13
investment banks, 25
commercial banks, 4
participation (Islamic)
banks and 5 branches of
foreign banks) operating
in Turkey, in addition to
48 representative offices
of foreign banks.
Approximately 29% of
total banking assets in
Turkey is state-controlled;
three commercial banks
(TC Ziraat Bankasi,
Vakifbank and Halkbank)
and 4 investment banks
are state-owned. Foreign
investment in the Turkish
banking sector is limited.
At present, 12 commercial
banks and three
investment banks in
Turkey are foreign-owned
banks. Foreign banks
account for around 15% of
the country’s total banking
assets.
There are 23 domestic
commercial banks (three
of which are Islamic
banks), 28 foreign banks
operating in the UAE, as
well as 110
representative offices of
foreign banks. Emirates
NBD is the largest bank
in terms of total assets.