CAIRO: Calyon Bank Egypt, which is 75 percent owned by French investment bank Calyon, is to issue new stock to raise its capital to LE 500 million ($86.7 million), the bank said on Tuesday. In a newspaper advertisement, the bank said the capital increase, which was approved at the bank s extraordinary shareholders meeting last June, would take place in three stages and all the new shares would to be listed on June 15. Calyon is a subsidiary of Credit Agricole. The second largest shareholder in Calyon Egypt is El Mansour & El Maghraby Development and Investment Co, with 22 percent, according to Calyon Bank Egypt s Web site. The Egyptian bank is a result of a merger between Credit Agricole Indosuez (Egypt) and the Egyptian branch of Credit Lyonnais. Reuters
Calyon Egypt approves $87 million capital hike
