Financial and Banking News
Egypt Finances $300mn Merger of Banque Misr and BCCM
The Egyptian Government has financed the merger of Banque Misr and theEgyptian affiliate of BCCI, Bank of Credit and Commerce Misr (BCCM), with a10-year, interest-free loan of E1bn ($300mn), saving some 60,000 BCCMdepositors in the process. BCCM's accounts, holding some $600mn in depositors'funds, were frozen when BCCI collapsed in July 1991. Depositors will now be...