Piraeus Egypt Raises Capital By EGP 200 Mln Within Days
Piraeus Bank-Egypt intends to increase its capital in the next few days by EGP 200 million to reach EGP 1.438 billion, after receiving a supporting loan worth US$ 33 million from its parent bank in 2010.
The bank submitted all the required documents to the General Authority for Investment in order to approve and register the capital increase. The bank’s latest general assembly approved increasing the bank’s authorized capital to about EGP 3 billion, sources told Amwal Al Ghad.
This is the third loan received by Piraeus Bank-Egypt from its parent bank as it earlier received an EGP 234 million loan injected to the bank’s capital in October 2011 and an EGP 90 million loan in 2008.
It is worth mentioning that Turkiye Is Bankasi and Moroccan Attijariwafa Bank had conducted due diligence process on Piraeus Bank-Egypt before submitting purchasing offers. This came after Standard Chartered Bank withdrew its offer to purchase the bank at the end of last November because of the financial crisis that has hit Greece.
