Suez Canal Bank’s board approves EGP 695.67M capital increase
Updated 3/27/2022 10:20:00 AM
ArabFinance: Suez Canal Bank’s (CANA) board of directors has approved amendments to Articles 6 and 7 of the bank’s Articles of Association, according to a filing to the Egyptian Exchange (EGX) on Sunday.
Accordingly, the bank’s issued capital will be increased by EGP 695.674 million to EGP 3.6 billion from EGP 2.904 billion.
The decision in pending the approval of the Central Bank of Egypt (CBE).
It is noteworthy that Suez Canal Bank’s net profits after taxes rose to EGP 604.675 million in the full year ended December 31st 2021, from EGP 601.664 million in 2020.
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.
