Egyptian Arab Land Banks Eyes EGP750mn Debt Settlement in FY14/15

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The Egyptian Arab Land Bank is planning to settle debts worth EGP 750 million with clients in default within the current fiscal year.

Speaking to Amwal Al Ghad on Sunday, EALB Chairman Abdel Meguid Mohy El-Din said his bank had conducted settlement deals at value of EGP 550 million during last fiscal year, despite the country’s unstable political situation at that time.

The Egyptian banking official also referred that EALB’s FY2014/15 strategy will go for injecting new finances worth EGP 750 million, so that its total portfolio will surge to EGP 12.750 billion.

The bank is targeting a 10% growth (around EGP 1.5 billion) in its portfolio of customers’ deposits, to reach EGP 17.5 billion.