Arab Banking Corporation To Raise Capital To EGP 700 Mln

Arab Banking Corporation (ABC) targets to raise issued and paid-up capital by EGP 100 million to reach EGP 700 million by Q1 of 2013.

Akram Tenawy, CEO and managing director of Arab banking Corporation, said such capital raise will increase the equity to EGP one billion, up from EGP 800 million.

The Arab Banking Corporation, headquartered in Kingdom of Bahrain, is confident in the Egyptian market. The bank has received the Central Bank of Egypt’s approval to launch five new branches to reach 33 branches in Egypt by the end of 2014. The bank also plans to increase the number of ATMs which reached 85.

It is worth mentioning that ABC achieved profit of EGP 30 million in Q3 of 2012.