Egyptian Arab Land Bank seeks higher deposits this year

State-owned Egyptian Arab Land Bank (EALB) is seeking higher deposits by 10 percent for the current financial year, its chairman Abdel Meguid Mohy El-Din said Wednesday.

The bank had deposits of 22 billion Egyptian pounds ($1.2 billion) at the end of last June, from its local and overseas branches in Palestine and Jordan.

EALB has high-yielding certificates of deposit with up to 16 percent interest rates, Mohy El-Din further told Amwal Al Ghad.