Egypt tycoon Sawiris plans to set up Luxembourg-based specialist bank

Egyptian billionaire businessman Naguib Sawiris speaks to The Associated Press prior to the opening of a major economic conference seeking billions of dollars in investment, in Sharm el-Sheikh, Egypt, Friday, March 13, 2015. (AP)

Egyptian billionaire businessman Naguib Sawiris plans to invest $55 million to set up a bank in Luxembourg specializing in services for small and medium-sized businesses.

Sawiris told reporters on the sidelines of a conference in Cairo that he had submitted an application to establish the proposed bank but provided no further details other than his proposed initial investment.

Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50