– The Suez Canal Authority has acquired approximately 15.76 million shares in Suez Canal Bank for 238.87 million Egyptian pounds ($4.89 million), increasing its stake in the bank.

– This acquisition aligns with the Authority’s strategy to strengthen its influence in key financial institutions, particularly those that are crucial to Egypt’s economic infrastructure.

– Suez Canal Bank has seen a significant increase in its financial performance, with a net profit of EGP 1.807 billion in H1 2024, compared to EGP 628.042 million in H1 2023, reflecting its growing profitability and stability.

The Suez Canal Authority has purchased around 15.76 million shares in Suez Canal Bank for 238.87 million Egyptian pounds ($4.89 million).

This acquisition was made at an average price of EGP 15.15 per share, as disclosed by Suez Canal Bank in a regulatory filing on the Egyptian stock exchange.

The Suez Canal Authority‘s Pension Fund already holds a 10.10% stake in the bank.

Notably, Suez Canal Bank reported a significant increase in net profit, reaching EGP 1.807 billion in the first half of 2024, up from EGP 628.042 million in the same period in 2023.

The Authority, which is primarily responsible for the management and operation of the Suez Canal, plays a pivotal role in Egypt’s economy as the canal is one of the country’s major sources of foreign currency.

The purchase aligns with broader efforts by state-owned entities to consolidate control over key financial institutions and leverage them for national economic development.