Financial and Banking News
Saudi Cairo Reports Loss in 1986
The sick man of Saudi banking - Saudi Cairo Bank - has at last announced itsbelated 1986 results, showing a loss of SR59.67mn ($15.9mn). Saudi Cairo - owned60% by Saudi nationals and 40% by Banque du Caire - has had financial problemsin the recent past, necessitating intervention by SAMA to support it with alarge volume of low-interest deposits. Last June the bank doubled its capital to...