Blom Bank Egypt Considers Contributing To Loan For Ethylene

Blom Bank Egypt studies contributing between EGP 100-150 million to the US$ 1.250 million loan being arranged for the Egyptian Company for Ethylene, sources said.

On the sidelines of the Regional Islamic Finance Forum held by the Central bank of Egypt today, sources said the bank’s direct and indirect finances portfolio surged to EGP 5 billion during the first nine months of 2012.

Blom Bank also studies to increase its issued and paid-up capital by EGP 250 million to reach EGP one billion by the beginning of 2013. Such increase will be met through the bank’s reserves and retained earnings achieved in the current year.

Such move is part of the bank’s plan to strengthen its capital base to comply with Basel II and Basel III standards as well as raise the maximum lending limit for each customer in order to expand in arranging syndicated loans.