Blom Bank Egypt Hikes Capital By EGP 150 Mln

Blom Bank Egypt’s board of directors approved to raise issued and paid-up capital by EGP 150 million to reach EGP 900 million, up from EGP 750 million.

Such capital raise will be met through reserves and retained earnings as the bank achieved good profits in the last years, enabling it to increase capital, said Mohamed Ozalp, chairman of the bank.

Amwal Al Ghd had earlier reported exclusively that the bank plans to raise its capital from EGP 900 million to EGP one billion so as to strengthen its capital base to comply with Basel II and III standards and to increase the maximum lending limit for each customer to be able to expand in offering syndicated loans.

Ozalp added that the bank targets to launch a new branch in Tanta to raise the number of its branches to 27.