The Egyptian government has approved September 28 a new plan for the merging of several local banks into larger entities. The government is currently waiting for the approval of the bill by the Shura Council—Egypt’s consultative upper house.
The government proposed to establish a specialized council that will assess further banking mergers and enhance the transparency of the country’s financial services, Al-Bayan reports.
The National Bank of Egypt, established in 1898, is the largest commercial bank in the country. Consisting of 344 units nationwide as well as three foreign offices and branches the bank recently posted net profits of $14.8 million for the first half of the current year. This figure reflects a 10 percent increase compared to last year’s net profits of $13.4 million, according to Akhbar Al-Khaleej daily. — (Mena report)
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