Banque Misr to get largest syndicated loan in its history at $1bln, reports CNBC

The second-largest governmental bank in the country in terms of assets is getting a record turnout by banks to provide financing, and will use the loan to pay off a $550 million financing obtained in December 2018, the sources said.

The bank's initial plan was to obtain the same amount of financing that it would have to pay back, but later raised the size of the loan amid a rush from banks to provide the joint sum.

Al Ahli Bank of Kuwait, Emirates NBD, First Abu Dhabi Bank and Standard Chartered are among the banks working as arrangers, private sources said.

Banque Misr deputy, Akef El Maghraby, has previously said the bank will launch a number of funds by the end of this year in the real estate, health and FinTech sectors.

Going digital

Meanwhile, Banque Misr plans to launch Egypt’s first digital bank by the first quarter of 2022, El Maghraby told Masrawy on Sunday.

The Central Bank of Egypt is still working on a regulatory framework governing digital banks, he said.

Misr Digital Innovation, a subsidiary of Banque Misr set up last year to launch the bank, has signed a seven-year partnership agreement with Visa that will see it issue the iconic branded cards, use its APIs, and work with it on marketing and design, the company said in a separate statement.