Financial and Banking News

REGIONAL BANKlNG

Chase Succeeds in Selling Egyptian Stake

Chase Manhattan Bank has succeeded in selling its 49% stake in the Egyptian joint-venture bank Chase National Bank (Egypt) after negotiations stretching over two years. Chase has been anxious to sell its Egyptian stake in line with its policy of divesting itself of minority stakes worldwide, but had difficulties finding a buyer, despite the fact that the joint-venture bank was among the most successful of...