From Times Staff and Wire Reports

B of A to Close Egyptian Branches: Bank of America, one of the first foreign banks to open in Egypt, said it is closing branches in Cairo and Alexandria and will not accept new business after June 30. "The reason for closing down operations in Egypt is purely a strategic change in the bank's business," senior vice president and area manager Michael Seibel said. "It is not logical to compete with an Egyptian bank which has at least 300 branches."

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