05:43 PM
Saturday, January 21, 2023
I wrote – Manal Al-Masry:
Walid Naji, Vice President of the Egyptian Land Bank, said that the bank requested offers from 5 large offices to start the procedures for appointing a consultant and resident to study and market attracting an investor to participate in the capital of its branches in Palestine in light of working to convert them into a joint stock company license.
The Real Estate Bank owns 7 branches in Palestine, in addition to 16 branches in Jordan, to be the only bank at the level of the Egyptian banking system that has a presence in these two countries, which enhances its status and historical role.
Naji explained, to Masrawy, that the offers will be from 5 major offices in the field of consulting, namely “PWC”, “Earnest & Young”, “KPMG”, “Delloit and Touch”, and Talal Abu-Ghazaleh’s office, one of the famous offices in Jordan and Palestine, to be An agent for the bank to evaluate and prepare the study, as well as to attract investors.
The Real Estate Bank intends to transfer its Palestine branches from a branch license to a joint stock company, with the aim of attracting partners to increase its capital, strengthen the bank’s position and maximize its business, according to Naji.
Naji told Masrawy that the bank is looking to attract an investor to contribute to the capital of its branches in Palestine, whether through a Palestinian investor, an external bank, or international funds for its development.
The bank did not specify the share of the investor’s contribution to the capital of its branches in Palestine, but any offer submitted will be discussed in a flexible manner, and approval will depend on the investor and his plan, provided that he is able to develop and add to the bank, according to what Walid Naji said.
