ArabFinance: The extraordinary general meeting (EGM) of Egyptian Gulf Bank (EG Bank) (EGBE) has approved a $300 million increase in authorized capital, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Accordingly, the bank’s authorized capital shall increase to $800 million from $500 million.

Moreover, the bank announced that its ordinary general meeting (OGM) has approved the cash dividend proposal for 2021 earnings, upon which a sum of EGP 525.509 million shall be distributed to shareholders in two installments.

It is worth highlighting that EG Bank’s consolidated profits excluding minority interest grew to EGP 695.336 million in 2021, from EGP 624.882 million in 2020.

EG Bank is engaged in the provision of corporate, retail, and investment banking services through a network of 16 branches located across Egypt.