Al Baraka Bank Egypt gets regulatory approval for capital hike – Amwal Al Ghad

Al Baraka Banking Group BSC unit Al Baraka Bank Egypt (SAE) secured approval from Egypt's Financial Regulatory Authority to hike its authorized capital to 10 billion pounds from 2 billion pounds, Amwal Al Ghad reported.

The lender also plans to shore up its issued and paid-up capital to 2.97 billion pounds from 1.85 billion pounds by issuing 159.63 bonus shares at a nominal value of 7 pounds per share, according to the March 10 report.

As of March 10, US$1 was equivalent to 15.73 Egyptian pounds.