Egyptian banking merger underway
HSBC Bank, previously known as the Egyptian British Bank, has recently begun taking measures to merge with Misr International Credit Bank, according to Al-Sharq Al-Awsat newspaper. The Egyptian Central Bank approved this move, which will eventually result in the formation of a new joint Egyptian bank. HSBC had previously acquired Credit Commerciale De France Bank, which is the main investor of Misr International Credit Bank.
The new bank will be one of Egypt’s already existing 62 financial institutes. A recent statement by the country’s Assistant Minister of Economy, Mohy Al-Dein, said that in relation to the local economy product value, the Egyptian banking sector was characterized by an excess of banks.
A total of 2,444 bank branches are currently operating in Egypt, most of which are located in Cairo and Alexandria. –(MENA Report)
© 2001 Mena Report (www.menareport.com)