Industrial Development Bank Plans Capital Increase

The Industrial Development and Workers Bank of Egypt seeks to raise issued and paid-up capital from EGP 500 million to EGP 3 billion, said El-Sayed El-Kosayer, chairman of the bank.

He revealed that the bank’s board of directors will meet with shareholders in the upcoming period to discuss the matter with them, noting that 80% of the ownership of the bank is divided among shareholders and Ministry of Finance.

The bank aims at raising its capital so as to stabilize its financial situation and improve its position, he added.

The bank is now complied with Basel II standards, meaning it applied corporate governance standards and has risk management and capital adequacy conforming to the standards.