The Egyptian Arab Land Bank’s (EALB) corporate certificates of deposit attracted deposits worth EGP 333 million during the first two months since launching the certificates.
Abdel Megid Mohy El-Din, deputy chairman of EALB, revealed that the certificate has a term of two years and annual return of 9.5%.
The bank has launched the new certificate of deposit in order to increase the value of deposits to EGP 18.5 billion by the end of the current fiscal year, compared to EGP 16 billion at the end of the last fiscal year, El-Din added.
The bank has set a strategy to reduce non-performing loan portfolio in the next two years and had concluded a debt settlement agreement with the businessman Magdi Yacoub settling his EGP 125 million debt in return for acquiring some of his real estate assets.
The bank plans to develop real estate assets worth EGP 2.4 billion through contracting with real estate companies to develop and sell them, or launching a real estate investment fund, he added.
