Arab Finance: Egyptian Gulf Bank’s (EG Bank) (EGBE) board of directors announced that the company will initiate procedures for increasing the issued and paid-up capital by EGP 904.377 million, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

The increase includes EGP 525.51 million retained for the capital increase and EGP 378.868 million in distributable earnings.

The number of new shares to be issued will be determined based on the USD exchange rate against the EGP at the date of the general assembly’s decision.

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