VOL. XLI

No. 34

24-August-1998

EGYPT

NBE To Open Branch In The US

One of Egypt's biggest state-owned banks, the National Bank of Egypt (NBE), will openits first US branch in New York, following its $22mn purchase of 100% of Arab AmericanBank's assets and liabilities. According to Mr. Mahmud Abd al-Aziz, the bank's president,NBE also plans to expand further into the American market with branches in Los Angeles andMontreal. The purchase is still subject to US regulatory approval, expected within...