CAIRO, 13 September 2004 — Egypt is launching a sweeping reform of its banking sector to prepare for the privatization of the country’s state-owned banks and open up the industry to foreign investors, newspapers here reported yesterday. Under a five-year plan approved by President Hosni Mubarak, the government wants to integrate small banks into their parent companies, reorganize public banks, broaden the capital base of mixed-ownership banks, merge some banks, reinforce regulations and take action against bad and doubtful debts.