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ArabFinance: Suez Canal Bank (CANA) targets to bring its total mortgage financing portfolio to a range between EGP 450 million and EGP 500 million in 2022, Amwal Al Ghad reported, citing the bank’s commercial director Usama Elaidy.
The bank has provided up to EGP 80 million as mortgage financing for customers during the first quarter (Q1) of 2022, Elaidy added during a conference held by AGEC Developments.
Cooperation with AGEC Developments marks the bank’s first agreement with a real estate development company to offer financings to customers, he indicated.
The bank is currently in talks with three companies to provide mortgage financing for customers, he said, noting that it has reached a final agreement with one of the banks, under which the deal will be valid for one year.
Moreover, he pointed out that this agreement could be renewed if both parties agreed upon a term extension.
Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.
The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, administrative, and consultative services.
