EALB: Real Estate Assets Portfolio Register EGP 5 Mln

The Arab African International Bank’s (AAIB) real estate portfolio registered EGP 5 million, the value of 4 villas, at the end of last June.

The bank targets to dispose of its real estate assets after the stability of economy and recovery of real estate market. The non-performing loans portfolio accounted for 1.5% of the bank’s loans portfolio, registering EGP 26 billion at the end of the first half of 2012, sources said.

The bank plans to dispose of its bad debts by the next year after reaching compromise agreements with delinquent customers.

The bank plans to set debt settlement agreements in return for cash in the upcoming period. The largest debt due to the bank is worth EGP 200 million and is owed by Wagih and Ramy Siag.