ArabFinance: Suez Canal Bank (CANA) participated in the securitization processes of two financial leasing and mortgage finance companies with a value ranging from EGP 195 million to EGP 200 million, the bank revealed in a recent statement.
The bank participated with EGP 100 million in the securitization issuance of Global Corp, in addition to another operation valued at EGP 95-100 million in mortgage finance.
The total value of Global Corps securitization process for financial services is about EGP 985 million.
Other banks participating in the processes include Banque Misr, the CIB, the Arab African International Bank, Ahli United Bank, Attijariwafa Bank Egypt, and First Abu Dhabi Bank.
The process is divided into three phases, with an EGP 118 million-tranche disbursed after 13 months, a second tranche worth EGP 458 million after 37 months, and a third tranche valued at EGP 409 million after 60 months.
Misr Capital and CIB will act as financial advisers, arrangers, issue managers, and underwriting promoters, while Al-Derini & Partners will act as a legal adviser for the securitization process.
It is worth noting that Suez Canal Bank posted a 6% Year on Year (YoY) increase in its net profit during the first nine months of 2021, recording EGP 376.9 million.
Suez Canal Bank is an Egypt-based company engaged in providing corporate, retail, and investment banking products and services.
The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, administrative, and consultative services.
Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
