The extraordinary general assembly (EGA) meeting of Al-Watany Bank Of Egypt (AWB), which took place this week, approved a 500 million Egyptian pound ($107.3 million) bond offering with a maturity of five years. The EGA also delegated the board of directors for setting the bond terms and date of issuance.
The bond proceeds will be used to finance major projects and to increase the bank's ability to provide retail–banking services, namely personal loans, and credit cards. “Financing AWB's expansion plans through a bond issue, rather than depending on the inter-bank borrowings, is a more efficient and stable source of financing” announced Adel Ezzy, AWB chairman. The AWB capital increase to EP315 million is proceeding as planned.
AWB has been assigned by FitchRatings last May 2002 a Rating of BBB+ in its national long–term credit ratings, and F2 in its national short-term credit ratings, AWB also approved yesterday in its ordinary general assembly that preceded the EGA the appointment of Shawki & Co. as new auditors to the bank in addition to the existing, auditors KPMG. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
