By: Islam Fadl

Cairo – Mubasher: Suez Canal Bank (SCB) is planning to participate in syndicated loans worth a range between EGP 300 million and EGP 400 million, the bank’s chairman Hussein Refaei told Mubasher on Thursday.

The bank will provide finance in a group of sectors, including real estate development and infrastructure, Refaei added.

The top official revealed that about 80 of SCB’s clients who are eligible for the Central Bank of Egypt’s industrial funding initiative owe the bank EGP 470 million.

SCB’s total syndicated finance portfolio has grown by 14% to EGP 15.4 billion, while deposits increased to EGP 44 billion, Refaei said.

It is worth noting that the bank’s net profit rose to EGP 364.41 million in the first nine months of 2019, compared to EGP 330.724 million in the year-ago period.