MIDBANK has said it provided special banking services for value-added activities in various economic sectors during the second half (2H) of 2022, and offered syndicated loans and bonds, which reflected positively on achieving economic growth and advancing a number of economic fields such as the industrial and real estate sectors.
It comes within the framework of MIDBANK’s strategy “We work for your future”, which pays great attention to achieving Egypt’s 2030 Vision for sustainable development, financial inclusion, and digital transformation. The bank also provides its services to small and medium enterprises and participates in all initiatives of the Central Bank to support various economic sectors.
MIDBANK was keen to cooperate with various banks to finance many mega projects, as part of its strategy to strengthen the syndicated loan portfolio, as the rate of increase in the syndicated loan portfolio amounted to about 44%, and the increase in the corporate credit portfolio by 53% by the end of 2022.
The syndicated loans, which MIDBANK contributed to financing during the second half of last year, included participation with a share of EGP 300m in financing the needs of a large industrial group at a value of EGP 3bn, in addition to working to finalize the procedures for financing two of the largest companies operating in the field of contracting and the real estate development sector at about EGP 600m.
MIDBANK’s strategy “We work for your future” focuses on diversifying the bank’s investment portfolio through several axes. This includes its participation in subscriptions for securitization bonds transferred from private entities and companies, including the bank’s participation with a share of EGP 100m in the issuance of securitization bonds worth EGP 20bn to the New Urban Communities Authority and a stake of EGP 150m in the issuance of Tamweel Real Estate Finance Company bonds.
The bank also contributed EGP 50m in issuing the bonds of the B-Tech Trading and Distribution Company, in addition to its EGP 100m participation in issuing the bonds of the Halan Consumer Finance Company.
Eman Abu Zaid, Head of the Credit and Syndicated Loans Sector at the bank, said that MIDBANK adopts a systematic strategy through which it focuses on enhancing its market share and increasing the growth rate of the credit portfolio and profitability in the coming years, and therefore it is keen to follow effective steps based on the latest international methods and practices in order to provide the latest comprehensive and innovative banking services, targeting various customer segments, in a way that supports the country’s efforts to transform from a monetary society to a non-monetary one.
The bank’s keenness to participate in the subscriptions for securitization bonds comes to strengthen its presence in the Egyptian banking sector and contribute to achieving economic development projects, within the framework of the bank’s expansion strategy to achieve future ambitions in the market, in line with the state’s ambitious plan to attract investors and provide all facilities to support the investment sector in Egypt.
The successes achieved by MIDBANK during the second half of last year 2022 are a reflection of its ambitious plan for a comprehensive restructuring of the bank and its banking activity and services, as the bank’s infrastructure, engineering and technology were developed by keeping pace with the latest banking systems, strengthening the portfolio of services and products, supporting small and medium enterprises, and major projects in all sectors that contribute to achieving this vision, including the industrial and energy sectors, as the bank pays great attention to the initiatives of the Central Bank of Egypt to support the industrial sector, as well as developing the work of the Egyptian banking sector according to the latest international banking technologies, so that MIDBANK contributes to achieving economic growth in Egypt, according to the vision of sustainable development 2030.
