Bad Weak for NSGB

The NSGB is France's biggest banks and after its acquisition to the MIB in Egypt  it became one of Egypt's biggest banks too. You may have read or heard last week that the Bank has entered history lately not as the biggest bank in the world but as the bank which became the victim of the biggest fraud operation in the history of banking that cost it 5 billion Euro thanks to one of accountants ,the fraud was exposed during the late crisis of international stock markets, the NSGB french people owe it to the American mortgage interest crisis !!
Well believe it or not it seems that NSGB has a real tough week because also in Egypt the bank was a victim for a fraud operation that was made not by a cunning accountant but by the manager of the Maadi branch himself with the help of some import/export company !!???
Of course what the manager took was nothing compared to what the mother bank has lost ,but still ironic.
The fraud scandal in France will surely affect on the bank's position not the financial one but the one dealing with trust , people will fear to put their money again in this bank. I bet the CEO will not stay for another round and I do not have to bet to know that there are many people who will be fired in this scandal
In Egypt this is a regular thing in the Egyptian banks from time to time we find something similar in the crime and economics pages. 
NSGB bought MIB in a very strange deal that warned how the foreign banks would control the Egyptian banking system , but no one listened
It is strange that this comes at the same time Citibank international has lost $10 billion

Technorati tags: Banks, Economy, international, France, Stock Markets, NSGB, Citibank, MIB, Egypt, Maadi, Fraud, Mortgage interests