ADIB Egypt establishes consumer finance firm

ADIB Egypt will hold a 98% stake in the new company

  
General view of Abu Dhabi Islamic Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

General view of Abu Dhabi Islamic Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

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Cairo –  Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) announced the establishment of Abu Dhabi Islamic Consumer Finance with an issued and paid-up capital of EGP 10 million.

ADIB Egypt will hold a 98% stake in the new company which will operate in line with the provisions of law no. 18 of 2020, according to a bourse disclosure on Tuesday.

In the first half (H1) of 2021, ADIB Egypt posted net profits of EGP 680.15 million, compared to EGP 530.57 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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