HSBC Egypt has announced a four percent drop in the bank’s bottom line in the first quarter of financial year 2002. The bank’s net profits totaled 12.97 million Egyptian pounds ($2.8 million) in the first three months of the year 2002, down from EP12.44 million earned in the first quarter of 2001, reported Al-Akhbar.
Established in 1982, HSBC Bank Egypt is the Group’s principal representative in Egypt, formerly the Egyptian British Bank. The bank provides personal and corporate banking and related financial services, in both local and foreign currencies. With over 5,000 offices in 82 countries and territories worldwide, the British financial group HSBC is one of the world's largest banking and financial institutions. — (menareport.com)
© 2002 Mena Report (www.menareport.com )