ABC Egypt Offered EGP 1.26 Bln Credit Facilities For Companies

The Arab Banking Corporation – Egypt’s (ABC) corporate credit facilities portfolio registered EGP 1.26 billion at the end of last year.

Despite the unstable political and deteriorated economic conditions, Akram Tinawi, CEO of the bank, stated that the bank’s corporate finance sector attracted about 20 new customers in the last year.

Tinawi revealed to Amwal Al Ghad that these finances were injected to IT, communications, petroleum, gas, food, beverage, electrical appliances, cables, fertilizers, packaging materials and motor sectors.

The bank has succeeded in doubling the value of its corporate finance portfolio as the loan-to-deposit ratio accounted for 1% of the total value of the corporate finance portfolio.

The bank targets to inject EGP one billion during this year to the portfolio of loans and credit facilities which registered EGP 2 billion at the end of 2012. The bank also plans to increase the deposit portfolio from EGP 4.5 billion to EGP 5.1 billion at the end of 2013.