The Egyptian Arab Land Bank is expected to set a record by end of the current fiscal year on the rate of debt settlements undergone with distressed clients, chairman announced.
According to Abdel Meguid Mohy El-Din – EALB Chairman, the expected record would be in the light of the bank’s successful settlement for debts ranging between 800-850 million Egyptian pounds during the period from July-December 2014.
“This is the highest rate of settling default debts in EALB’s history.” Mohy El-Din told Amwal Al Ghad on Monday. “The bank is targeting settlement of debts worth more than one billion pounds by end of current fiscal year (FY2014/15).”
The largest debt settlement agreement concluded by EALB was during the first quarter with one of the distressed clients working in the country’s real estate sector over debts worth 300 million pounds, he noted. The agreement was reached in cooperation with Suez Canal Bank and Piraeus Bank Egypt.