Thursday, Sep 02, 2010
BEIRUT (Zawya Dow Jones)--Al Baraka Egypt Bank, a unit of Bahrain's Al Baraka Banking Group, plans to gradually hike its capital to 1 billion Egyptian pounds ($175.2 million) over the next five years, Saudi-based Al Riyadh daily reports Thursday, citing an executive.
This is an imperative in the light of the steady growth of the bank's activities, Ashraf Al Ghamrawy, the bank's vice chairman and chief executive, said according to the paper.
The paid-up capital of shariah-compliant Al Baraka Egypt stood at EGP500 million at the end of June, according to Zawya.com data.
Al Baraka Egypt is also considering launching a new real estate fund with a capital of EGP50 million at the end of the current year, Ghamrawy said, the daily reports.
Newspaper website: http://www.alriyadh.com/2010/09/02/article556677.html
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
02-09-10 0743GMT
