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

Moreover, the board agreed on the amendment of Articles 2, 4, 6, 7, 21, 25, 25, 40, 42, 43, and 51 of the bank’s Articles of Association.

It is worth noting that SAIB’s board of directors previously proposed the distribution of cash dividends worth a total of $5 million, equivalent to $0.333 per share.

In 2021, SAIB recorded a net profit after tax of $19.933 million, down by from $20.441 million in 2020.

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.