Bank of America in Egypt Cairo

Hi I would like to have the information about the inception as well as the closing of the branch of the Bank of America in Egypt?

Bank of America, one of the main outside banks to open in Egypt, said it was shutting both Egyptian branches and would acknowledge no new business.

The bank should stop to acknowledge any new keeping money operations as of June 30, 1994.

The purpose behind shutting down operations in Egypt is simply a vital change in the bank's business

BOA said it feels that it can better handle business for our clients through our reporters in Egypt as opposed to doing it without anyone else's help.

Egyptian banks are better set in Egypt to work together, and we have no goal to contend with them

The bank asked contributors and different loan bosses to compose before Sept. 15 to the bank's control division in the Central Bank of Egypt concerning any rights they may guarantee.

Bank of America was one of the main outside banks to set up branches in Egypt amid the liberalization of the 1970's. It opened a Cairo branch in March 1976 and an Alexandria branch in September 1979.