Egyptian tycoon Sawiris plans to set up Luxembourg-based SME bank

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Egyptian billionaire businessman Naguib Sawiris plans to invest €50 million ($55 million) to establish a bank in Luxembourg specialising in services for small and medium-sized businesses, Reuters said.

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.