Suez Canal Bank injects $47.8mn into syndicated loans in Q1 – source

Egypt’s state-run Suez Canal Bank pumped 800 million Egyptian pounds ($47.8 million) into a number of syndicated loans during the first quarter this year, an official source said on Saturday.

At the end of March, syndicated loans approached 6 million pounds, compared with more than 5 billion pounds at the end of 2018, the source in the bank told Amwal Al Ghad.

“The bank aims to expand in all vital sectors of energy, real estate investment, petrochemicals, and communications, among others,” he said.

Moreover, loans and customers’ facilities rose to 14.1 billion pounds at the end of March from 13.4 billion pounds at the end of last year, the source added.

Established in March 1978, Suez Canal Bank operates within the banking sector focusing on diversified banks. The lender has 16 subsidiaries working across Egypt and Poland.