Suez Canal Insurance Eyes Paid-up Capital to EGP150mn in 3 Years

Egypt’s Suez Canal Insurance Company plans to boost its paid-up capital by 41 million Egyptian pounds in the coming three years, managing director Mohamed Abdallah told Amwal Al Ghad.

Abdallah further said on Thursday the paid-up capital of SCI will increase to 150 million pounds within the next three years from now, to strengthen its balance sheet.

SCI will begin pumping 11 million pounds within 2015 to increase its paid-up capital to 120 million pounds, he noted. The remaining 30 million pounds increase will be pumped within years of 2016 and 2017.

Elsewhere, the Egyptian official referred to SCI’s ongoing talks with two banks over promoting insurance products through applying the bancassurance system in accordance with terms and conditions set by the country’s central bank (CBE).

The Central Bank of Egypt (CBE) has set the required regulations to allow insurance companies and banks to offer bancassurance services after being suspended in 2007.

Moreover, Abdallah has ruled out SCI’s plans to launch a mutual fund in the coming period.