International report confirms Egyptian government's intent to privatize bank

A report issued by the Merrill Lynch corporation confirmed the Egyptian government's intention to privatize the Bank of Alexandria during the coming year. The report excluded that both the Egypt and Ahli banks would be privatized.

The report also confirmed that four governmental banks in Egypt control 60% of Egypt's total assets and 70% of its total loans. Moreover these banks comprise about 850 branches, serving 75% of Egypt's inhabitants and controlling most Egyptian deposits.