Cairo - Mubasher: The Managing Director and Vice Chairman of the National Investment Bank (NIB), Ashraf Negm, denied news reports about a plan to liquidate the bank.

The state-owned bank is currently working on a restructuring plan, which was announced by the government three years ago, as part of the restructural reforms of the Egyptian economy, Negm added in a statement on Wednesday.

The plan is focused on scheduling the bank's obligations to be paid in the upcoming period according to an agreed-upon schedule and maximising the return on existing investments, he noted.

The bank also plans to resolve financial entanglements with governmental institutions which have been partly resolved in return for valuable assets obtained by the bank.

Source: Mubasher

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