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Faisal Islamic Bank creates Egypt-based company with LE350 million capital

Khaled Barakat , Monday 29 Nov 2010

New company has authorised capital of LE1.5 billion

Faisal Islamic bank announced  Sunday the creation of "Faisal Financial Investments", an Egypt-based company with a paid and issued capital of LE 350 million (about $63 million) and authorised capital of LE1.5 billion.

Faisal Bank contributes with 99.99% of the company's capital. It is scheduled to acquire six other companies belonging to the Bank, and to be announced before the end of this year.

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