will begin its microfinance activity through licensed associations to carry out microfinancing, particularly the Financial Regulatory Authority, especially in the Upper Egypt and New Valley regions, according to Hussein Abdel Mohsen, head of EALB
's retail banking and microfinance development department.
Summary: As part of EALBs
appreciation of its employees and in line with its social responsibility
In response to a question about how the new management of the EALB will deal with the huge amount of debts, about EGP 6bn, Kamal said, "at the outset, I have to point out that the size of the defaults portfolio at the bank is exactly like the rest of the banks, if not less, but the reason its fame in the market came is due to losses incurred by the bank year after year.
The EALB also focuses on financing passenger and cargo transport companies, clinics, small treatment centres, pharmacies--especially in provinces, radiology centres, and workshops and spare parts, Kamal said.
A signing ceremony for the agreement was held on 15 August 2017 at EALB
's Cairo headquarters, with attendees including EALB
chairperson Abdel Meguid Mohy El-Din; EFG Hermes Finance chairperson Fatima Lotfy; and EALB
vice chairperson Ahmed Shawky.
The Egyptian Arab Land Bank (EALB
) has received the Central Bank of Egypt's (CBE) approval to open seven new branches, according to EALB
Deputy Chairman Adnan Al-Sharqawi.
Chairman Fathy El-Sebai completed a capital increase at HDB earlier this year that reduced the government's stake to between 62 and 64 percent and is in the final stages of restructuring EALB
, Egypt's fourth-biggest state bank by assets.
Hazem Yousef, Regional Manager of the Egyptian Arab Land Bank, as part of the EALBs
ongoing efforts to strengthen ties with other financial institutions and organizations in Jordan.