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Piraeus Bank Group (3rd largest banking group in Greece) has acquired 88% of Egyptian Commercial Bank's share capital, which was increased to EGP 500 million at end-August 2005.. In November 2006, an additional share has been acquired by the Greek group to form a total stake of 95.35% of the Piraeus Bank Egypt.. The General Assembly of PBE held on May 23rd, 2007 has approved issuing EGP 500 million bonds with fixed or variable interest with seven years period.. Taking into consideration that the Bank's Board has approved the Bank's capital increase to reach EGP 1'000 million. |
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