Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.
The Central Bank of Egypt has approved the merger of Misr Exterior Bankwith state-owned Banque Misr, making it the first of six local state-affiliated banks to be folded back into their parent companies. The decision, which takes effect from 26 September, comes a week after the announcement of a five-point strategy for reform of the local banking sector, which will also see the sale of minority government stakes and the creation of a central body to oversee the settlement of non-performing loan (NPL) cases. The five other banks slated for merger are Commerce & Development Bank, El-Mohandes, Islamic International Bank for Investment, Nile Bankand United Bank of Egypt (MEED 17:9:04).