Egyptian Arab Land Bank sees $102mn Settlements with Bankrupts

The Egyptian Arab Land Bank (EALB) eyes reaching settlements with insolvent clients worth EGP800 million (US$102.2 million) within fiscal year 2015-16, Chairman Abdul Majeed Mohieddin said Saturday.

The chairman told Amwal Al Ghad that the bank has reached settlements in fiscal year 2014-15 with a worth ranging  between 1.8 and 1.9 billion Egyptian pounds, registering bank’s largest settlement rate within the past years.

Egyptian Arab Land Bank targets buying real estate assets estimated at 600 million Egyptian pounds within the current fiscal year, Mohieddin stated.

After agreeing on settlements with the bankrupts, bank’s portfolio of real estate assets reached around EGP 3.4 billion at the end of FY 2014-15 versus EGP 2.4 billion in FY 2013-14, the official added.

He further clarified that bank’s credit portfolio decreased to 11.2 billion Egyptian pounds.

The Egyptian Arab Land Bank has recently agreed to pump 200 million Egyptian pounds in the largest loan in banking sector estimated at 10 billion Egyptian pounds for petroleum sector.