By: Mostafa Adel
Cairo - Mubasher: The chairman and managing director of Credit Agricole - Egypt said that the bank will obtain the third and final tranche of a supporting loan from the mother group next month, at a value of $10 million.
Francois Edouard Drion told Mubasher that the bank has received the second tranche in May, and the first in April, each worth $10 million.
The aim is to help the bank in facing the exchange rates fluctuations in the Egyptian market after the Central Bank of Egypt’s (CBE) decision to float the pound.
According to Drion, the loan also helps in supporting the bank’s capital adequacy ratio (CAR), which reached 15.14% in the first quarter of 2017 compared to 11.25% by the end of last year.
In December, the bank’s ordinary general meeting (OGM) approved obtaining a $30 million loan from Credit Agricole France to support tier two capital.
