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Banque Misr scores over $1bn capital injection from Egypt

The Egyptian cabinet has decided to provide Banque Misr with EGP6.3bn ($1.04bn) in capital injection, raising the total of the bank's capital to EGP11.3bn, Daily News Egypt has reported. The move made Banque Misr the largest capital holder among all Egyptian banks, exceeding the National Bank of Egypt, which had been the largest until last week. The government decided to convert an EGP5.7bn loan made to the bank three years ago into bank equity, adding EGP600m in currency, the lender said.