CBE merges Misr Exterior bank with Banque Misr

The Central Bank of Egypt (CBE) issued a decision yesterday merging the small Misr Exterior Bank into the giant Banque Misr. The Misr Exterior Bank (MEB) will continue it services through its branches before transforming as of Sunday next week into Banque Misr, said the CBE statement.

Accordingly, the CBE issued its merger decision after a consent from Banque Misr's general assembly which met on September 15. CBE pledged to provide necessary financial support for the merger process. Under the decision, all liabilities and obligations on MEB will be undertaken by Banque Misr.

The CBE formed an ad hoc committee to supervise the merger and ensure that the rights of MEB clients and depositors and any other creditors are preserved and that MEB employees relocate to Banque Misr and its branches. The bank said the decision will maintain stability in the financial sector.