Suez Canal Bank has announced an increase in its issued capital from EGP 5bn to EGP 6.5bn, marking a rise of EGP 1.5bn. The capital boost is funded by the bank’s shareholders’ share of profits for the fiscal year ending December 31, 2023.
This decision follows the approval of the Central Bank of Egypt (CBE), along with resolutions passed at the bank’s Ordinary General Assembly on March 31, 2024, and by the Board of Directors on August 19, 2024. The bank also received the necessary approvals from the Financial Regulatory Authority (FRA), the General Authority for Investment (GAFI), and the Misr Clearing, Depository and Central Registry Company to implement the increase.
As part of the capital increase, the bank will distribute free shares at a rate of 0.3 shares for each original share to its shareholders prior to the increase. Eligible shareholders and buyers must hold shares until the end of the trading session on Tuesday, January 14, 2025, with the distribution set to begin on Wednesday, January 15, 2025, through the Misr for Central Clearing, Depository and Registry (MCDR).
The capital raise is part of the bank’s strategy to strengthen its financial base, positioning itself for growth, expansion, and enhanced support for large-scale investments.
In addition to the capital increase, Suez Canal Bank has launched its new SCB Mobile Banking application. The app provides a range of innovative banking services, enabling customers to conduct transactions swiftly and conveniently, anytime and anywhere. This move is in line with the bank’s strategy to expand its digital offerings, stay ahead of technological advancements, and ensure robust security standards—aligning with CBE guidelines and Egypt’s Vision 2030.
