NSGB increases paid-in capital to $81 million
Egypt’s National Societe Generale Bank (NSGB) has increased its issued and paid-in capital to 500 million Egyptian pounds ($81 million) from EP 400 million. The capital was distributed through 50 million shares on September 1, 2003, reported EFG-Hermes .The bank’s general reserves financed the increase.
NSGB is 54.3 percent owned by France's Societe Generale (SG) while the rest is held by National Bank of Egypt (NBE). NSGB traditionally focused on corporate banking with large clients but more recently decided to go into the retail business. Established in 1978, the bank has a network of 14 branches distributed in Egypt’s central industrial, commercial and urban communities. — (menareport.com)
© 2003 Mena Report (www.menareport.com)