Egypt: Misr Exterior Bank, Banque Misr merge

The Central Bank of Egypt (CBE) has issued a decision merging the small Misr Exterior Bank into the giant Banque Misr. The Misr Exterior Bank (MEB) will continue it services through its branches before transforming as of Sunday into Banque Misr, said the CBE statement.  

Accordingly, the CBE issued its merger decision after a consent from Banque Misr's general assembly which met on September 15. CBE pledged to provide needed financial support for the merger process. Under the decision, all liabilities and obligations on MEB will be undertaken by Banque Misr. (menareport.com)

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