September 14, 2021

FRA approves capital increase for HD Bank-


ArabFinance: The Financial Regulatory Authority (FRA) has agreed to publish the disclosure on the decisions of Housing and Development Bank's (HD Bank) (HDBK) board of directors regarding capital increase, according to a statement to the Egyptian Exchange (EGX).

HD Bank’s board previously approved to raise the bank’s issued and paid-up capital to EGP 5.313 billion from EGP 1.518 billion.

The capital increase will be finance from the general and legal reserve as well as distributable profits as per the bank’s financial statements for the period ended June 30th, 2021.

The Egypt-based commercial and investment bank principally operates in the housing and development sector. HD Bank also contributes to alleviating the housing problem through the establishment of an integrated group of housing projects across Egypt.

arabfinance


Categories : banking

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