Egypt’s Rich Ask About Moving Funds to Switzerland, Banker Says

[Donnachaidh]

http://www.businessweek.com/news/2011-02-04/egypt-s-rich-ask-about-moving-funds-to-switzerland-banker-says.html?utm_source=twitterfeed&utm_medium=twitter

Feb. 4 (Bloomberg) -- Egypt’s rich are considering taking money out of the country as violent protests against President Hosni Mubarak enter a 10th day, and Switzerland is a popular destination, a Swiss-based Arab banker said.

“We’ve been getting inquiries about moving money” from Egypt to the Alpine nation, said Karim al-Korey, an associate director at Arab Bank (Switzerland) Ltd. “I have two or three clients who could transfer 10 to 15 million dollars each.”

Protests against Mubarak have left about 300 people dead and hundreds more injured in the past two weeks. Egypt’s ruler has replaced ministers and promised free elections before stepping down in September. That hasn’t calmed protesters who say his 30-year presidency must end immediately.

“Everything in Egypt is now closed but we think banks could start to reopen on Sunday. If this is the case, we expect funds to come in,” al-Korey told Bloomberg by telephone from his Geneva office. If Mubarak goes, “people all over the region will get scared and start transferring money.”

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