Arab conference discusses establishment of Arab bank

A three-day conference on the liberation of Arab banking services, organized by the Union of Arab Banks, started yesterday in Beirut in light of international economic changes under the auspices of Lebanese Prime Minister Rafik Hariri.

The head of Arab Banks Union, Mahmoud Abdul Aziz, said that the conference will focus on the possibility of establishing a pan-Arab bank with a capital of $500 million, whose establishment was ratified by the economic and social council affiliated to the Arab League to liberate the international banking services by the start of 1999.