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.

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