Arab Finance: Abu Dhabi Islamic Bank - Egypt’s (ADIB Egypt) general assembly approved obtaining subordinated financing worth $66.925 million from its main shareholder, the UAE-based ADIB, as per a bourse disclosure.
The EGX-listed lender will use the funding to support its growth and expansion plan.
Approved by the Central Bank of Egypt (CBE), the financing will have a term of seven years with a secured overnight financing rate (SOFR) of 3%+.
As of 30 September 2024, ADIB Egypt recorded 91.48% year-on-year (YoY) higher consolidated net profits after tax and non-controlling interest at EGP 6.801 billion.