EALB Launches Two-Year Certificate For Companies

The Egyptian Arab Land Bank (EALB) has launched a new investment instrument which is a two-year certificate for companies and institutions with annual return of 9.5%.

Sources said the bank targets to use the new certificate in raising its deposits to EGP 18.5 billion by the end of FY 2012/2013, up from EGP 16 billion at the end of FY 2011/2012.

The bank focuses on disposing of its non-performing loans during the next two years, sources added, noting that the bank targets to settle debts worth EGP one billion in the current fiscal year.

Asked on how the bank will deal with its real estate assets which it has owned from debt settlement agreements, sources said the bank plans to develop its real estate assets which are valued at EGP 2.4 billion through dealing with a number of real estate companies to develop and sell them or launch a real estate investment fund.