EALB’s Total Settlements with Clients in Default worth EGP500mn

Egyptian Arab Land Bank (EALB) finalized conducting settlements with clients in default worth EGP500 million within 9 months for the fiscal year of 2013/2014 against EGP420 million settlements at the end of 2013, Abdel Megeed Mohey El-Din, the Vice President said.

Speaking to Amwal Al Ghad Arabic’s Website, Mohey added that the settlements distributed with EGP200 million during the first quarter, EGP220 million for the second quarter and EGP80 million for the third quarter.

The non-performing debt Portfolio of tourism sector reaches up EGP4 billion in the current phase from the financing portfolio which is EGP12 billion, Mohey explained.

The bank has recently inked protocol with Marsa Abu Dhabi Properties Company in the last week in order to marketing the bank’s assets in Gulf countries, as the bank has real estate assets worth EGP2.7 billion.

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