VOL. XLII

No 41

11-October-1999

EGYPT

ABC Acquires Egyptian African Bank

Arab Banking Corporation (ABC) announced on 5 October thatit had successfully acquired a controlling interest in the Egypt Arab AfricanBank (EAAB) following the approval of the Central Bank of Egypt and the BahrainMonetary Authority. (The deal is still subject to the approval of the CapitalMarket Authority of Egypt.) According to a statement from ABC, the acquisitionis in line with the banks long-term strategy "of expansion...