The bank increased the capital in accordance with Law No. 194 of 2020 that stipulates that the minimum capital for banks operating in the Egyptian market should stand at EGP 5 billion (US$318m), instead of the EGP 500 million (US$31.83m).
Accordingly, the subscription was opened to increase the capital with a cash increase of about EGP 2.8 billion (US$178.24m) in addition to an increase in free shares by about EGP 737million (US$ ).
The necessary approvals were obtained from the various regulatory authorities to amend the registry data during the period until now.
“ADCB in the UAE believes in the strength and stability of the Egyptian economy, and therefore the group has taken care of ADCB Egypt’s compatibility with the new banking law, with regard to raising capital, to strengthen its ability to implement growth plans,” Ihab El Sewerky, Managing Director and CEO at ADCB – Egypt, said.
“Therefore, the group pumped the required increase in record time; and so, ADCB came at the forefront of the compliant banks, demonstrating its confidence in the banking system and confirming the bank’s ambition for growth in Egypt.”