Thu, 26 Aug 2021 - 04:07 GMT
Thu, 26 Aug 2021 - 04:07 GMT
CAIRO – 26 August 2021: A consortium consisting of the National Bank of Egypt (NBE) and the Commercial International Bank (CIB), succeeded in completing the process of issuing securitization bonds amounting to LE 585 million for the benefit of Aman Financial Services Company.
Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the NBE, said in a statement Thursday that the bank is keen to expand non-bank debt instruments, stressing that his bank is exerting the necessary effort and care to meet the needs of the bank’s customers in various sectors that positively affect the wheel of the national economy.
He stated that this is done by providing financial advisory services of various kinds, which correspond to the needs of each sector, in addition to providing all financial products, especially non-banking financial products, in support of the bond market and support from the banking sector for the state's plans to support development projects.
He praised the efforts made by the National Bank of Egypt and the Commercial International Bank in managing the subscription process, in addition to the fruitful cooperation of the professional and trained teams working in the sectors concerned with the two banks and their effective role in the various stages of arranging financing, starting with the study and joint coordination until the completion of implementation.
Sherif Riad, CEO of corporate bank credit and syndicated loans at the National Bank of Egypt, indicated that the proceeds of this issuance will be directed to finance the company's activities and future expansions, pointing out that the participation share amounted to LE 292.5 million for each of the two banks.
He added that this issuance is a success added to the bank’s achievements, as the bank had previously provided financial advisory services and underwritten in 8 operations of non-bank debt instruments for several companies during the fiscal year 2020/2021, in which the bank’s share amounted to LE 3.2 billion, which are the services that achieved Notable success after its launch.
He noted that the issuance of LE 585 million is divided into five tranches of LE 175.5 million for the first tranche with a duration of 6 months, LE 146.3 million for the second tranche with a duration of 9 months, LE 81.9 million for the third tranche with a duration of 12 months, and LE 146.3 million for the tranche. The fourth tranche has duration of 36 months. The fifth tranche amount to LE 35 million with duration of 60 months.
Aman Financial Services Company is one of the arms of Raya Holding Company for Investments, and it aims to become the largest provider of non-banking financial services in the local market during the coming period, as it specializes in providing credit facilities to middle and low-income people to purchase consumer goods and vehicles, which enhances the growth of sales of many sectors with Providing several installment programs such as regular installment programs and smart installment programs, in addition to installment programs for students to target young age groups.