$1.26 million banks’ insurance firm to be established
The National Bank of Egypt recently presented Prime Minister Atif Ubaid a study regarding the establishment of a banking insurance firm, according to Al-Alam El-Youm daily. According to the bank’s chairman, Ahmad Diaa Al-Din Fahmy, initial investments in the company are estimated at approximately five million Egyptian pounds ($1.26 million).
Fahmy added that the company would be owned exclusively by four, unnamed, public commercial banks. Prime Minister Ubaid expressed satisfaction at the prospects of such an enterprise and suggested that steps be taken to expedite its establishment. — (MENA Report)
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