EAB seeks to upgrade systems

22 March 2002

After a turbulent year dominated by the on-off acquisition bid by Standard Chartered Bank, Egyptian American Bank (EAB)is now focusing on upgrading its internal management and operating systems. The bank has just appointed Roderick Richards as its new managing director, and is planning to invest in new technology (MEED 15:3:02).

EAB's profits were flat in 2001, at £E 73 million ($15.9 million). Total assets grew by 9.8 per cent to £E 6,902 million ($1,500 million). The bank's loan portfolio fell by 10.7 per cent to £E 2,930 million ($637 million), and it maintained a highly liquid position, with about one-third of total assets held in balances with other banks. Deposits rose by 20 per cent to £E 6,028 million ($1,301 million).

The Standard Chartered bid was finally taken off the table in December 2001. EAB's majority owners are American Express Bankand Bank of Alexandria.

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