CIB arranges EGP 567 million a syndicated medium term loan facility to Palm Hills Developments

Cairo - March 11^th, 2010 - Commercial International Bank, Egypt (CIB) announces the signature of a syndicated medium term loan facility for an amount of EGP 567 million to Palm Hills Developments (PHD), one of the leading real estate developers in Egypt and the region. The proceeds of this loan shall be directed towards the financing of PHD's real estate projects located within Sixth of October City and New Cairo district

The syndicated facility was covered by CIB - the Mandated Lead Arranger, Facility and Security Agent - along with eight other banks active in the syndication market, which are, the Egyptian Arab Land Bank, National Bank for Development, Arab Investment Bank, Housing and Development Bank, National Bank of Greece, Blom Bank, Bank of Alexandria, and the Egyptian Saudi Finance Bank.

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About Palm Hills Development
Founded in 2005, Palm Hills Developments leads the real estate and development sector; with a large portfolio of land within and beyond the Egyptian borders;  through which more than 15 development projects are implemented to cover diverse geographical regions; that include Sixth of October City, New Cairo, the North Coast, Gamsha Bay-the Red Sea, Ain Sokhna, Alexandria, and Aswan, Riyadh and Jeddah in Saudi Arabia. 

Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under its original name 'Chase National Bank of Egypt'. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. CIB now stands at a 5% market share in loans (public banks included), with plans for increasing this share to 10%, cross-border expansion, stock listing and regional presence. CIB remains to be focused on human capital acquisition and retention, core corporate culture and values, and integrating its synergies as Egypt's leading financial service conglomerate offering premier quality to its customers while maximizing shareholders' value.

For further information please contact: 
Salah El Din Aloui
 Media Relations Manager
Promoseven Weber Shandwick
Tel: +2 02 3047215 - 17
Fax: +2 02 3047213
Mob: +2 012 39 79 586
E-Mail: salah@promoseven.com

Yousra Genena
Media Relations Executive
Promoseven Weber Shandwick
Tel: +2 02 3047215 - 17
Fax: +2 02 3047213
Mob: +2 012 3011205
E-mail: Yousra.Genena@promoseven.com 

© Press Release 2010