AIB Signed Debt Settlement Agreements Worth EGP 150 Mln In Q3

The Arab Investment Bank (AIB) has signed debt settlement agreements worth EGP 150 million with defaulting customers at the end of Q3 of 2012.

The bank’s portfolio of non-performing loans ranged from EGP 750 million to EGP 800 million at the end of last September, said Omar Mostafa, general manager of debt settlement and asset management department at AIB.

The loans offered to industrial and medical sectors accounted for the largest part of the non-performing loan portfolio, he added, noting that these sectors are strong enough to rescue operational risks and repay the bank’s dues, he added.

The Arab Investment Bank has capital of EGP 500 million and 13 branches including two Islamic branches in Egypt.