NBE maintains syndicated loan leadership in Egypt 1Q 2020: Bloomberg

The National Bank of Egypt (NBE) has maintained its top spot amongst banks operating in Egypt in terms of syndicated loans, according to evaluations by Bloomberg. The NBE gained this rank through its work as a financing agent and as a main bookrunner and marketer during the first quarter (1Q) of 2020.

Bloomberg noted that the bank executed six financing deals, worth a total value of EGP 15.4bn during that period.

The NBE also won third place in Africa and the Middle East for its joint loans work, in which the bank played the role of financing agent. It managed four deals worth EGP 14bn, taking a market share of 19.82% of the total syndicated loans in Africa.

The bank also ranked third in Africa for syndicated loans in which it acted as bookrunner, and fourth for loans in which the bank was a promoter.

NBE Chairperson Hisham Okasha said this success came due to the bank’s interest in supporting the national economy, providing the financing for economic growth in various sectors, especially those that support national projects.

Okasha emphasised the importance of joint loan deals with creditworthiness and economic viability. These positively contribute to creating added value for the Egyptian economy, advancing development and providing job opportunities.

NBE Deputy Chairperson Yehia Aboul Fotouh said this success came as a result of the strong network of ties that link the bank with local and foreign banks. He emphasised that the latter have confidence in the NBE’s ability to complete and manage major deals with professionalism.

Sherif Riyad, head of the bank’s Credit Group for Companies and Syndicated Loans, said the NBE’s success indicated its professionalism and ability to manage joint loans in various sectors. The success also came on the back of being able to meet clients’ financing needs in various vital sectors of the Egyptian economy.