Financial and Banking News
Saudi Cairo Losses Mount as Clean-Up Continues
The troubled Saudi Cairo Bank, which was hit by SR408mn worth of tradinglosses relating to precious metals investments in 1985, has more than tripledits declared losses to SR110.5mn in 1988. Moreover further losses are likely, asthe total volume of provisions taken since 1985 is still only SR290mn.
According to the bank's new chairman, Mr. Wahib Binzagr, as much as SR3bn ofits...