Arab Finance: Abu Dhabi Islamic Bank Egypt’s (ADIB) ordinary general meeting (OGM) approved an EGP 1 billion increase in the bank’s issued and paid-up capital, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Accordingly, the bank’s issued and paid-up capital will increase to EGP 5 billion from EGP 4 billion through the issuance of 100 million shares at a par value of EGP 10 per share with issuance fees of EGP 0.05 for each share.

ADIB, formerly National Bank for Development, is an Egypt-based public shareholding company engaged in providing retail, corporate, and investment banking services through a network of 69 branches across Egypt.