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The Egyptian Arab Land Bank (EALB) signed an agreement to settle the debt of a customer in the tourism sector in return for acquiring a small hotel and chalets in Hurghada.
Abdel Megid Mohy El-Din, chairman of EALB, said the assets are valued at EGP 122 million and the customer is indebted by EGP 170 million.
The bank’s real estate assets portfolio rose to EGP 2.6 billion at the end of last April, compared to EGP 2.3 billion at the end of the first quarter, he added.
The bank’s loan and deposit portfolios reached EGP 12 billion and EGP 15 billion respectively at the end of last April.
