CBE governor: Some joint banks to be privatized soon

Governor of the Central Bank of Egypt (CBE) Mahmoud Abul Oyoun said yesterday that some joint banks will be privatized soon and the CBE is currently setting rules to regulate the process.

Abul Oyoun said the banking sector is witnessing an all-out development to face the challenges ahead, pointing out the banks' managers and staffers are convinced of the necessity of change and are working hard to make it real. This came during a seminar held late Tuesday as part of the Euromoney Conference hosted by Egypt.

There are 55 banks and 2500 branches operating in Egypt in the field of attracting savings and using them in investments, Abul Oyoun said.

Participants highlighted the necessity of manpower in the banking sector, asserting that banks should overcome the problem of over-staffing by organizing training programs in new and different skills and specializations.