EALB looks into selling Long Beach Resort in Sokhna or Hurghada

State-run Egyptian Arab Land Bank (EALB) comparing between offers submitted by investors to sell either Hurghada Long Beach Resort or Long Beach El Sokhna among its plan to divest one of its grand assets, Vice Chairman Amr Gadallah said.

He added to Amwal Al Ghad that the expected yields coming from selling one of the mentioned assets exceed one billion Egyptian pounds.

Gadallah further noted that EALB is currently in serious talks with distressed clients to settle non-performing debt valued at 300 million Egyptian pounds, Gadallah added.

Gadallah stressed that the bank is working to diversify its banking products and expand the existing activity, adding that the bank attaches great importance to the retail banking activity in addition to other activities and services.

He added  the bank recently launched loans for female breadwinner, as well as an education loan in cooperation  with six universities and schools.

On the other hand, the bank’s personal loan portfolio registered 450 million pounds according to Gadallah.