The Egyptian Arab Land Bank (EALB) is studying the establishment of a specialised company to manage the hotel assets and tourist resorts it owns, according to EALB Chairperson Amr Kamal.
Kamal told Daily News Egypt that a global group specialised in this field, based in Germany, as well as private institutions in Egypt, will contribute to the company, pointing out that the company is scheduled to start with the management of Long Beach Hotel owned by the bank in Hurghada, which has 1,000 rooms.
In another regard, Kamal said that the bank is negotiating with Sanad Foundation to obtain special funding for financing microprojects. Another special fund for financing these projects is also being considered, stressing that the bank pays particular attention to this economic sector.
The bank has also signed an agreement with I-Score to record the movable assets owned by the bank, while it is also considering signing another agreement with the same company with regard to clients’ credit scores.
The new board of directors of the Egyptian Arab Land Bank, headed by Amr Kamal, assumed responsibility for the bank at the beginning of October 2017.
According to Kamal, the bank’s new management aims to close the provision gap completely by the end of the current fiscal year, the end of June 2018, without any financial support from the Central Bank of Egypt (CBE), noting that the bank’s first general assembly since 2010 is set to be held in March 2018.
In addition, Kamal said that the bank is preparing to offer a range of new retail banking products and personal finance, pointing out that these products include personal loans, a club membership financing programme, tuition programme for school and university education, and a funding programme for post-grad studies.
Kamal explained that these programmes will be marketed to employees of government agencies, the business sector, multinational companies, and shareholding companies wishing to transfer their employees’ salaries or premium credit to the bank.