Piraeus Egypt approves EGP 200 m capital lift

Piraeus Bank Egypt has approved increasing its capital by EGP 200 million, through transferring a USD 33 million subordinated loan received from its parent bank in 2010, reaching EGP 1.438 billion.

Sources at the Bank told Amwal Al Ghad that Piraeus Greece still waits a good deal to sell its branch in Egypt, after Standard Chartered retreated to buy it in past November because of the financial crisis in Greece. The Bank has continued its activities gradually from last year after Standard Chartered conducted due-diligence review on Piraeus. This is the third loan Piraeus Egypt receives from its parent bank, as it borrowed earlier EGP 234 million, which was registered in the banks’ capital record in past October after the approval of Central Bank of Egypt, General Authority of Investment, Egyptian Financial Supervisory Authority and another loan in value to EGP 90 million in 2008.