Tunis plans to merge three biggest banks

The "Tunis company for banking," the second biggest Tunisian commercial bank - is merging with another two investment banks: Bank of Development for the Tunisian Economy and the National Bank for Tourism Development.

The merger comes in the framework of a program for restructuring the financial sector, subsidized with a loan of $400 million from the World Bank, the European Union and the African Development Bank.

This is the biggest merger operation till now regarding the volume of assets, after a merger that is taking place now between the International Union Bank and Tunis Bank, Emirates for development, Bank of Tunis and Emirates for Investment.