VOL. XLV

No 43

28-October-2002

EGYPT

Egypts Public Banks Post Weak Results As Reform Attempts Continue

Although Egypt committed itself in 1998 to reform public sector banks through privatization, the state still owns and manages the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Bank of Alexandria (BoA). The big four banks, as they are known in Cairo, generally remain unattractive to private sector investors because of their non-performing loans and weak financial results. Local...