The Egyptian American Bank (EAB) was recently rumored to be planning a massive lay off of 25 percent of its workforce, local press reported. The rumor was supported by the formation of a higher bank committee responsible for restructuring the bank’s 800-strong workforce and technical systems, reported Al-Alam Al-Yaum. The EAB has denied the rumors, saying that no official statement on the matter had been released.
EAB was established in 1976 as a joint venture bank between American Express Holdings and the public sector Bank of Alexandria. Today, American Express holds a 40.83 percent stake in EAB while Bank of Alexandria holds 32.50 percent stake. Bank employees, companies and private individuals hold the remaining shares. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
