EALB-Egypt Eyes EGP1.250bn Deposits, EGP2bn New Loans

Egyptian Arab Land Bank (EALB) is aiming to increase its deposits’ volume to EGP16 billion, with nearly EGP1.250 billion raise during the current year, said Adnan El-Sharkawy, deputy chairman.

Speaking to Amwal Al Ghad Arabic’s Website, El-Sharkawy explained that the improve of economic situation made the bank was considering and modifying its strategy alongside boosting the volume of targets in this year.

EALB is planning to surge its loan portfolio with about EGP2 billion to become EGP14 billion by the end of the current fiscal year of 2014/2015, El-Sharkawy noted.

EALB has real estate assets portfolio estimated at EGP2.7 billion alongside EGP500 million mortgage portfolio in addition to EGP350 million the bank obtained from mortgage Fund.

The bank is currently negotiating with the major 5 UAE and Saudi Arabia firms in order to marketing its real estate assets abroad.

Furthermore, The bank has recently contracted with Marsa Abu Dhabi Properties LLC to marketing assets for Egyptian abroad in the current year.