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According to bank provided information, the project consists of a subordinated Murabaha financing to Abu Dhabi Islamic Bank Egypt (“ADIBE” or the “Bank”). This Tier 2 capital instrument is intended to add diversity to the Bank’s capital base and long-term growth prospects.
ADIBE is an Egypt based Islamic bank that started its operations after the acquisition of the National Bank for Development (NBD) in 2007 by a consortium between Abu Dhabi Islamic Bank and Emirates International Investment Company. ADIB offers a broad range of banking solutions that cater to the needs of corporate and retail customers through a network of 70 branches and a team of over 2000 employees and experts. In order to integrate further services, the Bank established an Investment Banking arm, ADIB Capital Egypt; a leasing company, ADIFinance; and an asset management arm, ADIB Invest.
The project is a Tier II subordinated financing to ADIBE to increase the capital at the bank level, with relatively high exposure to corporate financing and substantial exposure to business activities with potential adverse environmental and social risks, including oil and gas, petroleum and petrochemicals, pharmaceuticals, construction, real estate development, and building materials and metallurgical industries.
The project involves a subordinated loan of up to US$50 million to ADIBE for IFC’s own account.
ADIBE is listed and trading on the Egyptian stock exchange with a free float of 28.4%. The largest shareholder is Abu Dhabi Islamic Bank PJSC (“ADIB UAE”). ADIB UAE is a United Arab Emirates based bank, established in 1997 as the first Islamic bank in Abu Dhabi, and listed and trading on the Abu Dhabi Stock Exchange. In addition to being a full-fledged financial services provider that offers banking solutions for individuals, corporations and affluent customers, ADIB UAE provides brokerage services, real estate and property management, payment services and insurance coverage. Globally, ADIB UAE has a presence in six strategic markets, being Egypt, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, Sudan and Iraq.
Abu Dhabi Islamic Bank Egypt
Mr. Sameh Khalil
Head of Investments, Private Banking and Investors Relations
00202 38 28 9300
ADIBEgypt@adib.eg
9A Rostom Street, Garden City, Cairo
www.adib.eg
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