Suez Canal Bank offers EGP 14B LCs, collection documents in 2021
Updated 3/10/2022 12:40:56 PM
ArabFinance: The value of letters of credit (LC) and collection documents offered by Suez Canal Bank (CANA) has reached around EGP 14 billion in 2021, Al Mal News reported on March 10th, citing the bank’s Chairman Hussein Refaie.
Refaie praised the CBE’s decision to abide banks to only accept letters of credit to ease the purchase process of imports and to not accept documentary collection from exporters.
The decision will control imports and the quality of imported products, he added.
Moreover, the top official revealed that the bank’s securitization portfolio grew to EGP 4.2 billion at the end of February 2022.
Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.
The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, administrative, and consultative services.
