Bank of Egypt, the second largest state-owned bank in the country in terms of assets, is in the process of obtaining the largest syndicated loan in its history, with a record turnout of about $1 billion, banking sources said. before the banks to provide financing.
The sources added to CNBC Arabia, today, Sunday, that the loan will be used to repay an old financing that the bank obtained in December of 2018, about 550 million dollars. dollars.
She continued that the bank's initial plan was to obtain the same amount of financing that it would have to repay, but the bank later raised the loan size to 700 million dollars amid a rush. From the banks to provide the syndicated loan.
The sources said that among the banks working on the deal: Al Ahli Bank of Kuwait, Emirates NBD, First Abu Dhabi Bank and Standard Chartered as arrangers for the loan to be obtained.
It is reported that Banque Misr Deputy Akef Al-Maghrabi said in an interview with CNBC Arabia that the bank will launch a number of funds by the end of this year in the real estate sectors. Health and fintech.
