AAIB’s Real Estate Assets Portfolio Hit EGP 8 Mln In September

The Arab African International Bank’s (AAIB) portfolio of real estate assets registered EGP 8 million at the end of last September, compared to EGP 5 million at the end of the first half of 2012, with an increase of EGP 3 million.

The bank targets to dispose of its real estate assets after the stability of economy and recovery of real estate market. The non-performing loan portfolio accounted for about 1.5% of the bank’s loan portfolio which stood at EGP 25 billion, sources said.

The bank plans to sign debt settlement agreements in return of cash in the upcoming period. The largest debt due to the bank is worth EGP 200 million and is owed by Wagih and Ramy Siag, sources said, adding that Siag Hotel was listed in the bankruptcy filing.

The bank plans to dispose of its bad debts by the next year after reaching compromise agreements with delinquent customers.