Bank Audi Egypt brings $347m to the Egyptian market

Hossam Mounir
1 Min Read
Bank Audi-Egypt provided EGP 400m, out of an EGP 10bn (Photo from the Bank’s official website)

Bank Audi Egypt succeeded in bringing $357m to the Egyptian market, bank Chairman and Managing Director Hatem Sadek said Sunday.

This comes as part of the bank’s commitment to resolving the dollar crisis and to meet its clients’ foreign exchange requirements, Sadek told Daily News Egypt.

The bank’s parent group in Lebanon granted its branch in Egypt a loan of $120m. The parent group also supported the capital base with $40m and granted a supporting a loan worth $60m to increase shareholders’ equity.

Bank Audi Egypt also increased the size of loans granted in foreign currency by about $127m throughout 2015, Sadek said.

The parent group in Lebanon directly granted loans valued at $134m to Egyptian companies. He said all this confirms the parent group’s support to Egypt and its confidence in the Egyptian market and economy in the upcoming period.

Bank Audi had held a press conference Sunday to announce the launch of the Novo device for dealing with customers electronically, the first device of its kind in the Egyptian market.

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