Suez Canal Bank sells stake in MIDOR to Egyptian General Petroleum Corporation
Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services
By Staff Writer, Arab Finance
Egypt - Suez Canal Bank (CANA) completed the sale of its $30.6 million (EGP 483.17 million) stake in the Middle East Oil Refinery (Midor) to state-owned Egyptian General Petroleum Corporation (EGPC), according to the company’s June 1st statement filed to the EGX.
In Quarter one of 2020, the bank achieved a net profit of EGP 114.35 million, down 11% from EGP 128.56 million registered in the same period of 2019.
Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services. Its 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.
*At press time, the conversion rate is $1= EGP 15.79
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