HSBC Egypt plans capital increase in few days

HSBC Holdings PLC has approved to give a support for its Egyptian unit’s capital through retained earnings, CEO and deputy chairman of HSBC Egypt Jacques-Emmanuel Blanchet announced Wednesday.

Blanchet did not disclose the amount of the planned increase in HSBC Egypt’s capital but he told Amwal Al Ghad that this move would be undergone in the coming few days.

HSBC Egypt and Misr El Kheir Foundation signed Wednesday a protocol on cooperation to build 350 schools in Egypt, with a US$7 million contribution from the UK bank.

The planned capital increase clearly signals HSBC’s upcoming expansion plans in Egypt.