National Bank Of Egypt To Increase Paid Up Capital

THE NATIONAL BANK OF EGYPT IS TO increase its paid-in capital by 2 billion Egyptian pounds ($349.4 million) to EGP4.25 billion($742.42Million) The decision was approved at the company’s general assembly meeting, as part of the government’s plan to strengthen the financial standing of the state-owned bank, which has 23% market share. The bank is currently leading a consortium to establish a satellite business channel in Egypt with an initial investment cost of $15 million. The bank will make a 20% contribution to the capital of the new company. The Cairo Alexandria Stock exchanges banque MisrBanque Misr, Housing and Development Bank, Telecom Egypt, Credit Agricole Egypt and Misr Insurance Company have all expressed interest in participating in the project.