NBK Egypt’s board approves EGP 10B capital increase
Updated 2/17/2021 11:19:47 AM
ArabFinance: The board of directors of The National Bank of Kuwait - Egypt (NBK Egypt) (NBKE) approved raising the authorized capital to EGP 10 billion from EGP 2.5 billion, according to the bank’s statement to the Egyptian Exchange on February 17th.
The board also greenlighted increasing the issued and paid-in capital to EGP 5 billion from EGP 1.5 billion, divided on 350 million shares at a nominal value of EGP 10 per share.
The listed bank witnessed lower net profit in 2020, recording EGP 1.44 billion.
NBK Egypt, formerly Al Watany Bank of Egypt SAE (AWB), is an Egypt-based public shareholding company engaged in the provision of corporate, retail, and investment banking services.
The bank’s financial services and products include trade finance, and commercial and residential mortgages, among others.
