Blom Bank Egypt Mulls EGP 250 Mln Capital Injection In 2013

Blom Bank Egypt considers increasing its issued and paid-up capital by EGP 250 million to reach EGP one billion by the beginning of 2013.

Sources said the capital increase will be attained through reserves and retained earnings as the bank achieved good profits in the last five years.

Such move came as part of the bank’s plan to strengthen its capital base to comply with Basel II and Basel III standards, in addition to increasing the maximum lending limit for each customer, which will enable the bank expand in arranging syndicated loans.

Blom Bank Egypt’s deposits portfolio surged by EGP 150 million, registering EGP 6.750 billion at the end of 2011, compared to EGP 6.6 billion at the end of September, 2011.