April 2003
Purges set banks on new course
The removal of old-guard managers from Egypt's state banks, proposals to clean up NPLs and new capital rules are shaping up the banks for a sell-off.
SENIOR BANK EXECUTIVES and leading businessmen were purged in a series of arrests in Egypt earlier this year. Some have faced trial and even imprisonment with hard labour after allegations of financial wrongdoing. It's a startling approach to reforming the country's financial sector.
Falling growth rates, ever more non-performing loans and a series of high-profile scandals have taken their toll on Egyptian banking. But for years little progress was made towards addressing these issues. Now the Egyptian government has begun to take decisive action. And though this is shocking, bankers are feeling optimistic.
The government began its reform efforts with a serious assault on corruption at the start of the year and most recently with its muddled attempt to allow the Egyptian pound to float freely [see Draconian measures follow dirty float, this issue]. Following a mysterious IMF report that was never made public, over 30 top bankers,...
You must be a Level 2 subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe