ADIB Egypt secures $66.925M financing from UAE’s ADIB

Updated 11/10/2024 10:08:00 AM
ADIB Egypt secures $66.925M financing from UAE’s ADIB

Arab Finance: The board of directors of Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) has approved to receive a seven-year subordinated financing of $66.925 million from the UAE’s ADIB,  according to a statement.

The bank will use the financing to back its growth and expansion plan.

Accordingly, the CEO and Managing Director of ADIB Egypt is mandated to call the general assembly to meet and vote on the board decision.

Also, the bank shall assign him or his delegate to handle all legal and regulatory requirements.

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