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Nasser Social Bank eyes EGP 500m capital hike in FY19/20

Nasser Social Bank eyes EGP 500m capital hike in FY19/20
NSB’s social solidarity funding stood at EGP 1.03 billion in FY18/19

By: Islam Fadl

Cairo – Mubasher: Nasser Social Bank (NSB) aims to increase its capital by EGP 500 million to EGP 3 billion during fiscal year 2019/2020, the bank’s vice chairman Sherif Farouk told Mubasher.

In addition, the bank has received the Central Bank of Egypt’s (CBE) approval to launch Meeza services, with plans to issue 700,000 Meeza e-payment cards in December, Farouk added.

Previously, the CBE’s sub-governor for payment systems and business technology, Ayman Hussein, revealed that the CBE issued licences to banks for the issuance of 20 million national payment cards over three years.

Moreover, NSB’s total value of funding directed to social solidarity amounted to EGP 500 million during the first three months of FY19/20, Farouk noted.

In FY18/19, the bank’s social solidarity funding stood at EGP 1.03 billion, he added, noting that the bank sold assets worth EGP 1.5 billion during the last fiscal year and EGP 500 million worth of assets during the three-month period ended 30 September.