Bank of America plans to shut Egypt branches.

CAIRO -- Bank of America plans to close its two branches in Egypt, sources at the BankAmerica Corp. subsidiary said.

Michael Seibel, senior vice president and area manager, declined to comment, saying, "The complicated legal process in Egypt is such that I can't make any statement at the moment."

The sources said the bank had decided the volume of business did not justify keeping its branches in Cairo and Alexandria open.

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