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Al Baraka Bank denies offering to acquire First Investment

Al Baraka Bank denies offering to acquire First Investment

Arab FinanceAl Baraka Bank Egypt (SAUD) denied submitting any offer for the acquisition of First Investment Company and Real Estate Development (FIRE), according to a statement sent to the Egyptian Exchange (EGX) on Sunday.

The bank also denied sending any letter to First Investment regarding the acquisition.

It is worth noting that Al Baraka Bank Egypt recorded a consolidated net profit attributable to the bank of EGP 783.11 million in the first half (H1) of 2022, rising by 27.9% from EGP 611.88 million in H1 2021.

Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.

The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic sharia principles, through a network of 32 branches located across Egypt.

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