REG - Commercial Int Bank - CIB secures a USD 150M subordinated loan from EBRD

Commercial International Bank Egypt CIBAnnouncement

16/11/2023 16:00

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RNS Number : 7397T  Commercial Intnl Bank (Egypt) SAE  16 November 2023

CAIRO - November 16(th), 2023

RELEASE

In continuation of the Management's commitment to proactively strengthen the
Bank's capital position, Commercial International Bank (CIB) would like to
announce that it secured USD 150 million subordinated loan from The European
Bank for Reconstruction and Development (EBRD). The loan qualifies as Tier II
capital and has a term to maturity of ten years. and will be used to further
optimize the Bank's capital structure, especially Tier II capital, reinforce
the Bank's growth prospects, and act as an extra cushion against any potential
external economic hindrances.

CIB's Chairman Mr. Hisham Ezz El Arab commented on the transaction: "Our
strategic partnership with EBRD has proven to be a very valuable asset to CIB
especially in the most challenging of times. This subordinated loan will not
only help CIB further boost its capital base, but also help support our
ambitious growth plans and unlock numerous opportunities the Egyptian market
has to offer".

EBRD's First Vice President Mr. Jürgen Rigterink said: "EBRD is delighted to
sign this facility with our strong longstanding private sector partner, CIB.
This subordinated loan will not only contribute to reinforcing CIB's overall
capital base, but will also support the expansion of its lending activity,
particularly in the green economy."

http://www.rns-pdf.londonstockexchange.com/rns/7397T_1-2023-11-16.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7397T_1-2023-11-16.pdf)

END OF RELEASE

 

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