ArabFinance: Suez Canal Bank’s loan portfolio grew by 11% in the first nine months of 2020, Chairman and Managing Director Hussein Refaie told Al Mal news website.

The bank projects to record EGP 17.6 billion by the end of 2020, a 12% growth from EGP 17.3 billion achieved in 2019.

The bank’s joint loan portfolio rose from EGP 1.9 billion since 2016 to about EGP 7 billion to date, Refaie added.

Earlier, Refaie said that the bank allocated EGP 600 million to develop the digital infrastructure in the next two years.

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.

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