October 11, 2021

Suez Canal Bank approves EGP 300M loan for valU


ArabFinance: Suez Canal Bank (CANA) has approved to grant a loan worth EGP 300 million to valU, a subsidiary of EFG Hermes Holdeing (HRHO), banking sources told Al Shorouk News.

This loan will be used to finance valU’s activities in providing various financing solutions, the sources pointed out.

The bank previously acted as the guarantee agent of valU’s first securitized bonds offering worth EGP 322.55 million, subscribing to the issuance with around EGP 145 million.

The direct financing portfolio of Suez Canal Bank exceeded EGP 9.5 billion and is expected to increase by the end of 2021.

Suez Canal Bank is an Egypt-based bank engaged in providing corporate, retail, and investment banking products and services.

The bank's range of banking products includes direct and indirect finance, loans, social funds, deposits, savings, credit cards, issuance of letters of guarantee, and other Islamic banking services, in addition to technical, economic, financial, administrative, and consultative services.

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Categories : banking

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