12.693k clients of Bank Misr's defaulters benefiting from CBE's initiative

09 Jul 2018

Bank Misr's customers benefiting from the Central Bank of Egypt's initiative designed to shore up defaulters reached 12.693k clients with EGP4.803bn debts.

In statements delivered exclusively to Al-Mal newspaper, deputy chairman of Bank Misr Akef El-Maghreby said that accumulated interests of such debts recorded EGP36.103.1bn in December 31, 2017, driving up total liabilities to EGP40.906bn.

CBE's initiative, unveiled two weeks ago, involves settling liabilities outstanding on companies with debts less than EGP10mln as of December 31, 2017 including defaulters against whom no legal action have been initiated, according to statement released by CBE.

Interest amounts not paid by beneficiaries jumped to EGP16.8bn, out of which EGP12bn and EGP4.8bn belong to defaulting companies and individuals with less than EGP10mln respectively.

The initiative's beneficiaries include up to 3500 companies and 337,000 clients of the eight banks of National Bank of Egypt, Misr Bank, Banque Du Caire, Export Development Egyptian Bank, Egyptian Arab Land Bank, Egyptian Agricultural Bank, United Bank, Industrial Development Bank and Egyptian Workers Bank.

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