Banque Du Caire Mulls Capital Increase By End Of 2012

Banque Du Caire studies to increase the authorized capital and paid-up capital by a value ranging from EGP 400 million to EGP 800 million by the end of 2012.

Sources revealed that the bank may inject the total value of its profit which is expected to reach EGP 800 million during this year to raise its capital to EGP 2.4 billion, up from EGP 1.6 billion.

If Misr Financial Investments Company (MFIC), that owns 99% stake in Banque Du Caire, refuses to inject the total value of the profit to increase the capital, the company will be asked to inject EGP 400 million to the bank to raise the capital to EGP 2 billion, sources said.

The bank has not submitted a request to the company to increase the capital till now. The board of directors will meet with the company to discuss the methods to increase the capital, sources added.