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Crédit Agricole's shareholders approve capital increase

Crédit Agricole's shareholders approve capital increase

ArabFinanceCrédit Agricole Egypt’s (CIEB) ordinary general assembly approved a capital increase to EGP 5 billion, according to the bank’s statement filed to the Egyptian Exchange.

The bank will increase the capital to meet the Central Bank of Egypt’s minimum capital requirement, which is part of the Banking Act that was passed late in 2019.

The listed bank posted a consolidated net profit of EGP 1.37 billion in 2020, down 42.9% when compared to EGP 2.35 billion in 2019.

Launched in 1996 and listed on the EGX in 2006, Crédit Agricole has subsidiaries operating across Egypt, working on commercial and professional services, in addition to thrifts and mortgage finance.

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