Commercial International Bank (CIB) has completed its seventh securitisation issuance for Drive Finance, valued at EGP 2.175bn, reinforcing its commitment to supporting the company’s liquidity and expansion in the Egyptian market.
The transaction brought together a consortium of financial institutions. CIB, alongside Arab African International Bank, acted as financial adviser, arranger, and lead manager. Al Baraka Bank Egypt and Egyptian Gulf Bank served as underwriters, with Egyptian Gulf Bank also acting as custodian and subscription receiving bank.
Other participants included Bank NXT and Arab African Investment Management. El Dreny & Partners acted as legal adviser, while Baker Tilly Egypt (Mohamed Helal & Waheed Abdel Ghaffar) served as auditor for the issuance.
“This transaction builds on a successful track record of cooperation and extends a series of deals executed with Drive, reflecting the strength of the strategic partnership between the two parties,” said Amr El Ganainy, Deputy CEO and Executive Board Member of CIB.
“Together, we have completed seven securitisation transactions, establishing a sustainable model that underscores the depth of mutual trust. We remain committed to strengthening this partnership through innovative financing solutions that support the company’s growth plans, in line with the continued development of Egypt’s financial sector,” he added.
The issuance was structured across three tranches. The first tranche amounted to EGP 711.225m, with a tenor of 12 months and a P1 rating from Middle East Rating and Investors Service.
The second tranche totalled EGP 1.168bn, with a tenor of 36 months and a AA rating, while the third tranche was valued at EGP 295.8m, carrying a 57-month tenor and an A rating.
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