A consortium of leading Egyptian banks has granted a long-term syndicated loan worth EGP 5bn to Drive Finance, the non-banking financial services subsidiary of GB Corp. The facility aims to support the company's expansion plans and enhance its liquidity to meet growing customer demand in Egypt's fast-evolving consumer finance market. Six major banks participated in the deal.
A consortium comprising the National Bank of Egypt (NBE), Commercial International Bank (CIB), Arab African International Bank (AAIB), Banque du Caire, Housing and Development Bank (HDB), and Emirates NBD Egypt has granted a seven-year syndicated loan worth EGP 5bn to Drive Finance. The loan allocates EGP 1.168bn each to NBE, CIB, and AAIB, with Banque du Caire contributing EGP 695m and HDB and Emirates NBD Egypt providing EGP 400m each.
NBE serves as the initial mandated lead arranger, facility agent, and marketing coordinator, while CIB acts as initial mandated lead arranger, marketing coordinator, and structuring bank. AAIB participates as initial mandated lead arranger, marketing coordinator, and account bank. Legal counsel for the lenders was provided by Matouk Bassiouny & Hennawy, with Ashraf Ehab & Co. advising Drive Finance.
Mohamed El-Etreby, Chairperson of NBE, stated: "The facility reflects NBE’s central role in orchestrating large syndicated financings that support key sectors of the national economy." Amr El-Ganainy, Deputy CEO of CIB, said: "Our participation highlights our commitment to supporting major players in the non-banking financial services sector." Tamer Waheed, Deputy Chairperson of AAIB, added: "This syndicated partnership reflects the depth of trust between the institutions."
Bahaa El-Shafei, Deputy CEO of Banque du Caire, noted: "Our participation reflects our long-standing partnership with Drive Finance." Hassan Ghanem, CEO of HDB, emphasized: "It reinforces the role of non-bank institutions in line with Egypt’s Vision 2030." Tamer Ragheb from Emirates NBD Egypt remarked: "The financing will help expand services in the automotive sector."
Ahmed Osama, Executive Managing Director of Drive Finance, commented: "The facility reflects the banking sector’s confidence in our financial performance and enables expansion in automotive and consumer finance." The deal aims to bolster financial inclusion and sustainable economic growth in Egypt.