IDBE Sells 30% of Real Estate Assets

Industrial Development and Workers Bank of Egypt (IDBE) targets to cut 30% of real estate assets portfolio, as their ownership was transferred to the bank after several debts settlement deals.

El-Sayed El-Kaseer, chairman of IDBE, said the real estate assets portfolio registered EGP 80 million at the end of last March, and the Bank will offer to sell some real estate assets in April 23rd in a sealed envelope auction.

These real estate assets include a 424-m2 Villa in Heliopolis, three housing units with areas of 127, 160 and 190 m2 in Sayeda Zainab district and a land in Abbasia district built on which a textile factory. El-Kaseer noted that IDBE owns 65% of the land and Suez Canal Bank owns the rest 35%.

El-Kaseer added that non-performing loans portfolio at the Bank registered EGP 1.7 billion, noting that the Bank settled EGP 300 million debts of 50 customers and it targets settling 25% of the non-performing loans portfolio this year.

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