Cairo – Mubasher: The board of the Housing and Development Bank (HD Bank) has approved higher funding sources for an EGP 3.79 billion capital increase.

The capital raise will be financed from general reserves with EGP 3.28 billion and retained earnings with EGP 511.97 million, according to a bourse filing on Sunday.

It is noteworthy to mention that in September, the Egyptian Financial Regulatory Authority (FRA) approved a disclosure form submitted by HD Bank to increase the issued and paid-up capital to EGP 5.313 billion from EGP 1.518 billion.