Sources close to the situation told DNE that initial negotiations are underway between the government and OIA to acquire the bank and that a delegation from the agency visited the bank earlier this week. The bank’s shares closed at a high point at the end of last Thursday’s trading, with a price level of EGP 24.98 per share, up by about 6%. The bank plans to achieve a net return from loans and similar income of about EGP 7.09bn this year, compared to EGP 5.42bn in 2023. The bank expects its customer deposits to grow by EGP 10.6bn this year, reaching EGP 102.6bn by the end of 2024, compared to EGP 92.1bn last year. The bank plans to pay EGP 652m of the value of the New Administrative Capital building this year, bringing the total amount paid for the construction of the building to EGP 1.8bn.

Source: Daily News Egypt January 09, 2024 13:28 UTC