The National Bank of Egypt (NBE), the Egyptian Arab Land Bank (EALB) and the Arab Banking Corporation (ABC) plan to settle debts of EGP 115 million owed by a customer working in the medical sector. A source at NBE said 60% of the debt is owed to EALB, 20% to NBE and 20% to ABC. The most possible debt settlement scheme is acquiring a stake in the customer's hospital in Dokki, the source noted, adding that NBE has recently acquired 79% of another hospital in Mokattam. NBE has reached an agreement to settle debt worth EGP 90 million owed by a customer in the medical sector. Such agreement stated that the customer shall pay EGP 5 million in cash and pay the rest of the debt over a period of 10 years, according to the volume of his cash flows. NBE is in talks to settle debt worth EGP 50 million owed by a customer owning a hospital in Dokki. The bank has not reached an agreement on the debt settlement scheme yet.
