National Bank of Egypt (NBE) has reached a settlement agreement with its second largest financially-troubled customer in the steel sector, businessman Abdel Wahab Qotta, according to the bank’s deputy Chairman Yehia Abu Foutouh. Under the settlement, Qotta is required to pay EGP300mn to NBE. Qotta is one of the prominent investors in iron in Egypt. Abu Foutouh said NBE is currently studying settlement agreements with non-performing customers in all sectors in the coming period. In previous statements, Abu Foutouh said that Qotta’s factory is the second biggest financially-troubled customer in the iron sector, after Arco Steel Company, with which the bank signed a compromise deal in 2014. He ruled out an increase in NPLs in the coming period owing to EGP devaluation except for USD-denominated loans. (Al Mal)