ADIB Egypt to arrange USD150mn syndicated Islamic loan for Banque Misr
ADIB Egypt is in talks to arrange a USD150mn Islamic credit facility from a syndicate of GCC banks for Banque Misr. The loan aims to shore up Banque Misr’s USD liquidity. The financing is expected to be completed by mid-February 2017. Banque Misr has signed an agreement with the Chinese lender ACBC for a USD500mn loan last December. Banque Misr is reportedly looking to raise USD1.5bn financing to support its USD liquidity. (Reuters) Abu Dhabi Islamic Bank - Egypt: EGP7.63 as of 7 Feb. 2017, Rating: Buy, TP: EGP6.84/share, MCap: USD83mn, ADIB EY/ADIB.CA
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