Egypt is to implement major reforms in its banking sector to prepare for the privatization of the country’s state-owned banks and open up the industry to foreign investors, newspapers reported Sunday.
Under a five-year plan, the Egyptian authorities plan to integrate small banks into their parent companies, reorganize public banks, broaden the capital base of mixed-ownership banks, merge some banks, reinforce regulations and take action against bad and doubtful debts. (menareport.com)
© 2004 Mena Report (www.menareport.com)
