ArabFinance: Societe Arabe Internationale de Banque (SAIB) announced that its board of directors has approved raising the bank’s authorized and issued capital, according to a statement filed to the Egyptian Exchange (EGX).

The board agreed on increasing the bank’s authorized capital to $350 million from $200 million.

Moreover, the board approved increasing the issued capital by $7.5 million distributed over 750,000 shares, representing 5% of total paid-up capital, through the distribution of 1-for-20 bonus share.

Established in 1976, SAIB Bank is engaged in the provision of retail, corporate, and investment banking products and services through a network of 21 branches located across Egypt and abroad. It also offers Islamic banking products and solutions through its branches.

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