The Housing and Development Bank (HDB) is waiting for the approval of the Central Bank of Egypt (CBE) to pivot into a commercial bank and separate the real estate and investment activity from its main business, according to chairperson and managing director of the bank, Fathy Sebaey. The HDB board of directors gave preliminary approval in February to assess a study of separating the bank into a real estate company and a commercial bank. The HDB general assembly had approved the bank’s 2016 financial results on Thursday. Fee income also reached EGP 237.5m at the end of 2016, compared to EGP 190m in 2015—growing by 25%. Profits after tax registered EGP 644.2m in 2016, compared to EGP 491.2m in 2015, increasing by 31.1%.

Source: Daily News Egypt April 02, 2017 06:00 UTC