Banque Misr signed an agreement with Abu Dhabi Islamic Bank (ADIB) to arrange a USD50mn syndicated loan from a consortium of Gulf banks, according to Banque Misr’s Vice Chairman, Akef El Maghraby. Banque Misr was initially targeting USD150mn total financing, but settled for lower amount, following discussions with ADIB Egypt. El Maghraby further stated that Banque Misr is in talks with international institutions for cUSD600mn financing.
Abu Dhabi Islamic Bank - Egypt: EGP7.84 as of 20 Mar. 2017, Rating: Buy, TP: EGP9.98/share, MCap: USD86mn, ADIB EY/ADIB.CA