IDBE Sells Real Estate Assets With EGP 5 Bln

Industrial Development and Workers Bank of Egypt (IDBE) said real estate assets portfolio that was transferred to the Bank after debt settlement deals retreated by EGP 5 million after selling a villa in Heliopolis with EGP 3 million and some machines with EGP 2 million in a public auction at the headquarter of the Bank.

El-Sayed El-Kaseer, chairman of IDBE, said to Amwal Al Ghad, IDBE targets reducing its real estate assets portfolio valued at EGP 80 million.

IDBE could not sell the textile factory in Abbassia because of not reaching the target value, as IDBE owns 65% of the factory and Suez Canal Bank acquires 35% of which.

Non-performing loans portfolio at the Bank registered EGP 1.7 billion at the end of March. The Bank targets settling 25% of the bad debts during this year.