AAIB plans divesting property assets worth 9mn Egyptian pounds

The Arab African International Bank seeks to divest real estate assets at value ranging between 8.5-9 million Egyptian pounds (US$1.1-1.15 million) before the end of 2015, the bank’s head of remedial division Ahmed Shawky said Thursday.

Upon Law No. 88/2003 promulgating the law of the central bank, the banking sector and money, a bank operating in the country’s market shall dispose real property, which transferred to it in settlement of a debt owed by other parties to it, within five years.