Financial and Banking News


Pyramids Bank, Still Losing Money, Awaits Takeover Approval

Egypt's Pyramids Bank, which was crippled by a banking scandal in 1983 and has since been trying to recuperate under public-sector ownership is still losing money. Results for 1986 show a E£0.9mn loss, bringing accumulated losses to E£9.7mn ($4.5mn). Furthermore, an attempt by the bank to convert itself into an Islamic bank, with a major stake owned by the Saudi...