Chairman of the Egyptian American Bank (EAB) Mahmoud Abdel Latif has announced the establishment of Egypt's first private sector mortgage company. The authorized capital of company will be of 100 million Egyptian pounds ($16 million).
The new entity jointly owned by EAB, International Financial Corporation (IFC), Deutsche Investitions – und Entwicklungsgesellschaft, HDFC Investments and the Bank of Alexandria (BOA).
Holding a 40 percent share in the company, EAB has spearheaded the creation of the Egyptian Housing Finance Company (EHFC), so as to bring a boost to Egypt's real estate market. “We will be focused on providing individual mortgages for first home buyers in Egypt,” said Managing Director of EAB, Roderick Richards. “This will come as welcome news to prospective newly-weds, and to those in middle income brackets who are seeking financial support to buy their homes.”
EAB was established in 1976, as a joint venture between American Express Holdings and the public sector Bank of Alexandria. Today, American Express holds a 40.83 percent stake in the bank, while Bank of Alexandria holds 33.81 percent. The remaining shares are held by the Bank's employees, companies and private investors. The bank has its head office in Cairo and operates a network of 32 branches throughout Egypt. — (menareport.com)
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