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The vast majority of the Gaza Strip's 2.4 million people have been displaced at least once by the conflict, with many seeking safety in school buildings
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Egypt’s Saib to buy Port Said bank
CAIRO — Egypt’s central bank has approved the acquisition of Port Said National Bank for Development by Societe Arabe Internationale De Banque (Saib), the stock exchange said yesterday.
The brief bourse statement said the central bank had given approval to Saib to acquire up to 100 per cent of Port Said bank.
The central bank has been urging consolidation to reduce the number of small banks in Egypt. It raised the capital requirement for banks this year to 500 million Egyptian pounds ($87 million).
Port Said bank is partly owned by National Bank for Development, which is in turn is partly owned by state institutions. Although listed, Port Said bank shares are not actively traded.
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