Financial and Banking New
REGIONAL BANKING
UMB Faces Dissolution
The Paris-based Union Mediterraneene de Banques (UMB) which is a 50-50 joint venture between Algerian and French interests is to be dissolved after two years of losses resulting from non-performing loans. The bank lost a total of FF342mn ($43m) in 1982 and 1983 and had to make a further FF231mn ($27mn) provision for doubtful assets. Rather than inject fresh capital or restructure, the shareholders have decided to...
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