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

Sawiris told reporters on the sidelines of a conference in Cairo that he had submitted an application

Published: Updated:

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.